Feedback: Maryland College Investment Plan

[user17790750647]

In Turbotax's On Demand Tax Guidance for Maryland College Investment Plan - Maryland Contribution Subtraction, it says "Maryland College Investment Plan (MCIP) Account Holders who receive a State contribution are NOT eligible to receive an income deduction for contributions to the MCIP account that received the State contribution."

This is not correct. From https://maryland529.com/home/help-center.html?tab=help-tab-4 :

"If you receive a State contribution for any account in a given year, you are not eligible for the income subtraction on your State taxes for contributions that you made to that or any other Maryland College Investment Plan account in that year."

So if you received the State contribution, you can not make a MD State tax income subtractions for any contributions to any accounts, even if only one account received the state contribution.

[RachelW33]

Thank you for your feedback. We will have this Learn-More link edited to make it clear that receiving a state contribution disqualifies all accounts from the MD State tax income subtraction for that year.