Can I deduct Maryland college Investment Plan contribution if I received the state contribution?

Forum|Forum|5 years ago
May 11, 2021
1 reply
0 views

No text available

TurboTax Self Employed Online

AmyC

Level 15

Yes, you can subtract "An amount included in federal AGI contributed by the state into an investment account under section 18-19A-04.1 of the Education Article during the taxable year. This includes amounts included in federal AGI contributed by the state into an investment account under the Maryland College Investment Plan"

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

SKjames

Level 3

Where in the federal return would you declare/list said state contributions to MCIP so that they are included under your federal AGI? (I've looked for several years and never found such an option.)

ErnieS0

Level 15

Nowhere. There is no federal deduction for Maryland 529 contributions. This is a state-only benefit @SKjames. That's why it's only entered in the Maryland section.

Maryland 529 college savings plans are the only 529 plans that offer a Maryland State income deduction each year for your payments or contributions to the plans.

Tax Advantages & Benefits of 529 Plans

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"