DawnC
Expert Alumni

Business & farm

TurboTax is handling these contribution deductions properly.   I entered 3 beneficiaries (children) with contributions of $4000 each and Line 10 of Schedule SB shows a subtraction of $10,680.   If Schedule SB is not populating correctly, delete the Schedule CS(s) and reenter them.   

 

The taxpayer may subtract the amount contributed to a Wisconsin state-sponsored college savings account (EdVest or Tomorrow’s Scholar) if the taxpayer is the owner of the account
or authorized by the owner to make contributions to the account.


Principal amounts rolled over from another state’s 529 plan may also be subtracted.   The maximum subtraction is $3,560 per beneficiary ($1,780 per beneficiary if MFS or a divorced parent).   Complete Schedule CS - College Savings Accounts, and include with Schedule SB.      @jfvlazny 

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