How do I enter contributions to our VA 529 plan? TurboTax won't let me enter it on the VA form bc I don't have anything listed on the federal side. I didn't get a 1099-Q.

11 replies
118 views

No text available

TurboTax Premier Online

C

Cindy0HAnswer

Level 10

The Virginia State return is where these contributions are entered. You don't need a 1099-Q to enter your contributions

When you come to this page "Here's the income that Virginia handles differently"

It is under Education "Virginia College Savings Prepaid Tuition (Section 529) Plan"

When it asks if you ever had one and you say NO, you are correct, it will not allow you to enter it. Instead, mark YES.

This is what Virginia says about this deduction:

Virginia529 Account Contributions - If you are under age 70 on or before December 31 of the taxable year, enter the lesser of $4,000 or the amount contributed during the taxable year to each Virginia529 account(Virginia 529 prePAID, Virginia 529 inVEST, CollegeAmerica, CollegeWealth). If you contributed more than $4,000 per account during the taxable year, you may carry forward any undeducted amounts until the contribution has been fully deducted. However, if you are age 70 or older on or before December 31 of the taxable year, you may deduct the entire amount contributed during the taxable year. Only the owner of record for an account may claim a deduction for contributions made.

This is the full text of the instructions (page 20):

https://tax.virginia.gov/sites/default/files/vatax-pdf/2018-form-760-instructions.pdf

C

Cindy0HAnswer

Level 10

The Virginia State return is where these contributions are entered. You don't need a 1099-Q to enter your contributions

When you come to this page "Here's the income that Virginia handles differently"

It is under Education "Virginia College Savings Prepaid Tuition (Section 529) Plan"

When it asks if you ever had one and you say NO, you are correct, it will not allow you to enter it. Instead, mark YES.

This is what Virginia says about this deduction:

Virginia529 Account Contributions - If you are under age 70 on or before December 31 of the taxable year, enter the lesser of $4,000 or the amount contributed during the taxable year to each Virginia529 account(Virginia 529 prePAID, Virginia 529 inVEST, CollegeAmerica, CollegeWealth). If you contributed more than $4,000 per account during the taxable year, you may carry forward any undeducted amounts until the contribution has been fully deducted. However, if you are age 70 or older on or before December 31 of the taxable year, you may deduct the entire amount contributed during the taxable year. Only the owner of record for an account may claim a deduction for contributions made.

This is the full text of the instructions (page 20):

https://tax.virginia.gov/sites/default/files/vatax-pdf/2018-form-760-instructions.pdf

A

ajhoops

Level 2

This is incorrect. This refers to distributions FROM a 529 not contributions TO a 529. Does anyone know the correct answer

H

hylandr

Level 2

I entered the info requested. Later it gave me the option to skip the section if I didn't want to defer taxable income.

T

tchen2893

Level 2

I have the same question, that is I'm using Turbo TAX premier 2020, I found nowhere to enter my 529 contributions.

MaryM428

Level 11

On your Virginia return, go through to the section Here's the income that Virginia handles differently

Go to the Education section

Start Virginia College Savings Prepaid Tuition (Section 529) Plan

Answer Yes

Check correct box on next screen and then enter your Account info and activity

Virginia College Savings Plan Prepaid Tuition Contract Payments and College Savings Trust Account Contributions

If you are under age 70 on or before Dec. 31 of the taxable year, enter the lesser of $4,000 or the amount contributed during the taxable year to each Virginia529 account (Virginia 529 prePAID, Virginia 529 inVEST, College America, CollegeWealth).

If you contributed more than $4,000 per account during the taxable year, you may carry forward any undeducted amounts until the contribution has been fully deducted. However, if you are age 70 or older on or before Dec. 31 of the taxable year, you may deduct the entire amount contributed during the taxable year. Only the owner of record for an account may claim a deduction for contributions made.