
Anonymous
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State tax filing
Im all in favor of lower taxes, but since Virginia let me take the deduction for the contributions on past year's return (no Fed deduction, but did get state) and Virginia 529 website says nonqualified distributions subject to recapture by Virginia, seems like it'll catch up with me somewhere. Only the gain is being accounted for in fed and state taxable income. Is TT adding the basis (contribution) back somewhere behind the scenes in the TT calculations?
‎February 19, 2023
6:30 AM