Louisiana's START (529) website and annual deposits statement clearly state that deposits are deductible from LA taxable income up to $4800 per beneficiary for joint filers. TurboTax won't let me deduct more than $2400 per beneficiary which is the single filer limit.
I worked this through my own program and was able to get the $4800 full deduction for the Start program. Go to your Louisiana State return and see if you answered these questions correctly.
I worked this through my own program and was able to get the $4800 full deduction for the Start program. Go to your Louisiana State return and see if you answered these questions correctly.
This problem is still there in 2024 and Turbotax has not fixed it. I can choose that both of us hold the account jointly, but this might delay the refund since LA START accounts cannot be held jointly. i.e. the Turbotax option is incorrect.
The language in this question is a bit confusing, but what the joint really does here is just gives you each the contribution. It will report correctly on the return itself and will not delay the refund.
@branonx
@SusanY1 Thanks for this clarification. I already filed our LA state return, and need to file an amended return to get the full deduction. Any suggestions on what should I enter on the attached portion of TurboTax. Our actual contributions were 4800 for each beneficiary but as mentioned earlier, Turbotax calculated only 2400 per beneficiary as tax deductible.
Thanks again!
You can just type "failed to include payments to START" or similar in the Explanation statement. Original is 0 change is the amount that you contributed and that same amount would go in the "correct" column as well.
Thanks. Since I (rather, Turbotax) included only 2400, should I say 2400 (original) and 4800 (correct)?