topic ESA in Education

ESA

Nishnick — Fri, 20 Mar 2020 16:47:43 GMT

I opened and Education Savings account for my Grandchildren - can the amount be used to reduced income and where do I enter it on Trubo Tax

Re: ESA

JulieS — Fri, 20 Mar 2020 17:06:24 GMT

No, contributions to an Education Savings Account are not deductible on the federal tax return. The amounts grow tax free, but that is the only federal tax benefit.

Some states have credits or deductions for these plans, so watch for that when you do your state return.

Re: ESA

Hal_Al — Fri, 20 Mar 2020 17:52:54 GMT

For a list of states, that allow a deduction, see:

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_question_ids[]=437&order_by=plan_question_437

Some will only allow the parents a deduction.