You can get these deductions if you contributed to Maryland college savings plans. If you contributed to the Maryland Prepaid College Trust, the Maryland College Investment Plan or the Maryland Broker-Dealer Investment Plan, you may be eligible for a deduction of up to $2,500 per student on your Maryland taxes.
You can deduct up to $2,500 per beneficiary for every contract purchased for advanced tuition payments made to the Trust or contributed under the Plan or Broker-Dealer Plan in 2017. More details on this can also be found here
Tax Advantages & Benefits of 529 Plans
You can use the steps here below to get to where you'd enter it in the Maryland State portion of your return:
- Log into your return and click Take me to my return
- Click on State and then Your State Returns at top of screen
- If you have already entered your state, click Edit/Continue
- Go through state portion until you see the screen that says Here’s the income that Maryland handles differently
- Scroll down to Education section and click Start/Revisit next to Maryland College Savings Plan Contributions
NOTE: Contributions to a qualified college savings plan are not deductible on your federal return, but may be deductible on your state return. If your state allows a deduction, you will see the entry point as you work through the state return. You can find more details here
Information on 529 Plans
