What's the amount I can enter in Turbotax for the 529 College Savings Contribution entry? I think the deduction is capped at $5,000. But I actually contributed $7,000 and Turbotax doesn't cap my deduction in the calculation. I am able to enter the actual contribution $7,000, my New York tax calculated by Turbotax is lower than if I enter the max allowed deductible amount $5,000.
Turbotax also asked for Total New York 529 Contributions (from 1998 through 2018) made to New York 529 College Savings Program accounts. Should I enter the actual amount contributed which exceeded $5,000 per year, or should I cap my entry of the contribution at max deductible $5,000?
It'll be helpful if Turbotax applies the cap in the program. It's unclear which amount to enter in the case where the actual 529 contribution exceeds the max deductible amount.
