turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jodel1
New Member

We have a U-fund account for our daughters that had a loss in 2016, over $1000.00. Are there any deductions or credits fir thst?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DDollar
Expert Alumni

We have a U-fund account for our daughters that had a loss in 2016, over $1000.00. Are there any deductions or credits fir thst?

No, there is no deduction or credit for the decrease in the account balance of a U. Fund 529 College Savings Plan.  It is a tax deferred account so you do not pay tax on qualified withdrawals, nor can you deduct losses (whether realized or unrealized).

View solution in original post

1 Reply
DDollar
Expert Alumni

We have a U-fund account for our daughters that had a loss in 2016, over $1000.00. Are there any deductions or credits fir thst?

No, there is no deduction or credit for the decrease in the account balance of a U. Fund 529 College Savings Plan.  It is a tax deferred account so you do not pay tax on qualified withdrawals, nor can you deduct losses (whether realized or unrealized).

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies