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aemarting
New Member

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

Ohio State return
6 Replies
Hal_Al
Level 15

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

The taxable portion of a 529 plan distribution is calculated in the federal section and carries to the Ohio return in the federal AGI. There is no additional calculation in the state section.

 

As for the Ohio deduction for a  529  plan contribution, it's a straight forward entry. Turbotax presents you a box to enter the amount you contributed.

nienaberl
Returning Member

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

I had the same problem. I contributed 900 to each of my kids' 529 plans but when I submitted and  printed my tax forms, the Ohio taxes show I contributed 8000!! HELP ME TURBOTAX!!! I do not want to get audited! I know I entered the information correctly.

Hal_Al
Level 15

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

@nienaberl  You may  have a carry over from last year.

The maximum deduction is $4000 per beneficiary.  If you contribute more than that, the excess carries over to the next year.  If you use TurboTax (TT), TT will keep tack of the carry over and apply it the next year.

nienaberl
Returning Member

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

I did not have carryover

nienaberl
Returning Member

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

I looked and my contributions were the same for 2019- $900 per kid, $1800 total. I think there is a computer glitch on the end of Turbo Tax.

 

If anyone turbotax employees monitor these questions, please fix!!!

 

I called for customer support and got no where

Hal_Al
Level 15

There seems to be a problem with the calculations in the 529 plan section. Anyone else having the same problem?

Go back to the screen: “Here’s the Income Ohio handles differently” screen. Under education / CollegeAdvantage fund section 529 plan, click edit and make sure there's not an entry in previous year unused amounts.

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