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TurboTax tells me "VA Deductions statement code 115-Amount; ABLEnow Contributions cannot be greater than $2,000 for people under age 70." Where is that written?

Under the VA state return, I contributed $15,000 in 2018 to an ABLEnow account, the maximum allowed.  I don't see anywhere in the ABLEnow literature that "ABLEnow Contributions cannot be greater than $2,000 for people under age 70.".  

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New Member

TurboTax tells me "VA Deductions statement code 115-Amount; ABLEnow Contributions cannot be greater than $2,000 for people under age 70." Where is that written?

Two different things - You can contribute up to $15,000 per account. However, your Virginia state deduction is limited to $2,000 of the $15,000 contribution. (Unless, you are 70 or older)

Top of page 38 in the literature says:

Virginia Tax Deduction – The Virginia General Assembly has enacted a tax deduction for individuals subject to the Commonwealth of Virginia’s individual income tax. The amount deducted on any individual income tax return in any taxable year is generally limited to $2,000 per Account. Contributors may carry forward any un-deducted amounts until their contributions have been fully deducted. If the Contributor has attained age 70, he or she may deduct the entire amount contributed to an Account, less any amounts previously deducted.

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New Member

TurboTax tells me "VA Deductions statement code 115-Amount; ABLEnow Contributions cannot be greater than $2,000 for people under age 70." Where is that written?

Two different things - You can contribute up to $15,000 per account. However, your Virginia state deduction is limited to $2,000 of the $15,000 contribution. (Unless, you are 70 or older)

Top of page 38 in the literature says:

Virginia Tax Deduction – The Virginia General Assembly has enacted a tax deduction for individuals subject to the Commonwealth of Virginia’s individual income tax. The amount deducted on any individual income tax return in any taxable year is generally limited to $2,000 per Account. Contributors may carry forward any un-deducted amounts until their contributions have been fully deducted. If the Contributor has attained age 70, he or she may deduct the entire amount contributed to an Account, less any amounts previously deducted.

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New Member

TurboTax tells me "VA Deductions statement code 115-Amount; ABLEnow Contributions cannot be greater than $2,000 for people under age 70." Where is that written?

Ok. So even though I contributed $15,000, I must enter $2,000.  And I must remember to carry forward amounts in future tax VA tax returns until fully deducted?