Maryland 529 Contributions for Non-Relative

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Hi,

I contributed to a Maryland 529 Plan last year. The plan is owned by a friend of mine and the beneficiary is her daughter, neither of whom I am related to. I am a Maryland resident. Can I claim the deduction on my Maryland taxes for my contribution even if the plan is not mine? I ask because the first question asked when going into the "Maryland College Savings Plan Contributions" is "Do you have one of the College Savings Plans listed above?". I don't have one of the plans personally, but I did contribute to one.

RachelW33

Alumni - Expert

Assuming that you are a Maryland resident, you can claim the deduction for your 529 contribution to your friend's daughter's plan, up to $2,500. According to the Maryland 529 website:

Account owners and contributors can each subtract contributions. A contributor need not be a parent or family member of the beneficiary to be eligible for the income subtraction.

For more information, please see:

Maryland 529 Website

How to Maximize your Maryland College Investment Plan Tax Benefits

2024 Maryland Resident Instruction Booklet: See Page 9

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