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Can I deduct 529 contributions in Tennessee

 
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3 Replies
DDollar
Expert Alumni

Can I deduct 529 contributions in Tennessee

Contributions are not deductible for federal tax purposes.  Many states allow a deduction on State tax for contributions made by residents to their state plan.  Tennessee; however, does not have a state income tax so there would be no deduction for a contribution to the Tennessee 529 plan by a Tennessee resident.

Can I deduct 529 contributions in Tennessee

I funded my daughter's 529 plan and now I have to include the 529 distributions as "Income." I have already paid taxes on this money.
DDollar
Expert Alumni

Can I deduct 529 contributions in Tennessee

Only the earnings and only if the money wasn't used to pay qualified higher education expenses for your daughter.

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