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ubalach2
Returning Member

Rollover into Illinois 529

I moved to Illinois in 2023 and shortly thereafter rolled over my previous state's 529 to Illinois'. In TurboTax, do I include the rollover contribution amount along with my regular contributions? Thank you.

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2 Replies
AmyC
Expert Alumni

Rollover into Illinois 529

Mostly - just the contributions - not the earnings. For Illinois taxpayers, contributions to Bright Start are tax deductible. Contributions are deductible up to $10,000 per year ($20,000 if married filing jointly). You can also deduct the contribution portion (but not the earnings portion) of a rollover from another state's 529 plan.

 

Reference: College Savings 

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Hal_Al
Level 15

Rollover into Illinois 529

Yes, if the rollover was to one of IL qualified plans, “Bright Start” program, the "College Illinois" Illinois Prepaid Tuition Trust Fund, or the "Bright Directions". Reference: https://tax.illinois.gov/questionsandanswers/answer.206.html

 

You can only deduct the contribution portion but not the earnings portion) of a rollover from another state's 529 plan. 

Reference: https://brightstart.com/tax-benefits/#:~:text=If%20you%20recently%20moved%20to,of%20that%20given%20c....

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