State tax filing

TurboTax accurately computes the $3,340 deduction limit.

If you are a Wisconsin taxpayer, your contributions to Edvest may be deducted from state taxable income up to a maximum of $3,340 per beneficiary ($1,670 for married filing separate status and for divorced parents of a beneficiary) for the 2020 tax year ($3,380 per beneficiary, and $1,690 per beneficiary for married filing separate status and for divorced parents of a beneficiary for the 2021 tax year).

You do not have to be related to the beneficiary and remember, this tax benefit is per beneficiary so if you’re contributing to accounts for multiple children or grandchildren, you can potentially reduce your Wisconsin taxable income even more. The state tax deadline is April 15 of the following year.

Refer to FAQ: Edvest College Savings Plan

TurboTax has a 100% Accurate Calculation Guarantee. If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.