topic 529 Contributions in Education

529 Contributions

Anonymous — Tue, 09 Mar 2021 02:11:35 GMT

I never noticed until this year where to enter 529 contributions for Wisconsin. It slipped my mind (grrrr) to even look for this. I never noticed any prompt in prior years. I have been contributing for many years and have been using TurboTax for many years. I know that I'd have to go back and amend my state taxes to get the benefit for prior years. If I chose not to do that, though, should I manually be updating the "Total amount contributed to the account for 2014 and 2019 (from Line 10 of last year's Schedule CS)" field to be what I have contributed 2014 through 2019? Even though I did not include my contribution on prior years state taxes?

Re: 529 Contributions

DavidD66 — Tue, 09 Mar 2021 02:24:13 GMT

The cumulative amount won't have any impact on your tax return, but if you have the information you should go ahead and enter it. It may be useful when you take distributions.

Re: 529 Contributions

cb107 — Fri, 14 May 2021 21:33:17 GMT

Turbotax is asking for my total 529 NY contributions. I have no idea - is it really necessary? What if I over or under estimate?

Re: 529 Contributions

AmyC — Sat, 15 May 2021 03:13:20 GMT

Yes it matters. You have an end of the year statement. The IRS knows it and so does NY. You should keep those in a financial notebook.

NY singles can deduct up to $5,000 while MFJ can deduct up to $10,000. If you don't know if it was $10,000 or $12,000 then it does not matter. If you don't know if it was $1,000 or $2,000 then yes it matters.