It could depend on how your 529 account is set up.
Per tax.colorado.gov FYI Income 44:
NON-QUALIFYING PAYMENTS AND CONTRIBUTIONS Several types of payments and contributions related to higher education do not qualify for the subtraction. The subtraction is not allowed for: payments or contributions made to 529 savings plans established and maintained by other states; rollovers made from one 529 savings plan to another; payments or contributions made to Coverdell educational savings accounts (ESA); or tuition payments. Additionally, any distribution or withdrawal made from a 529 savings account to pay K-12 education expenses is subject to recapture, as discussed below. In order to avoid recapture, taxpayers should not claim a subtraction for any payment or contribution made to a 529 savings account that is expected to be used to pay K-12 education expenses.
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