Contributions to 529 Plan in IL

[pcolgrove]

I contributed to my grandchildren's IL Bright Start 529 Plans in 2024.   On the IL state return in TurboTax it asks for the account number.  My email receipt only gives me a Ugift Code and confirmation number.  What number am I supposed to enter under account number in TurboTax?

[MindyB]

The best way to obtain this information will be to ask the children's parents for the account number.  It is needed to claim the deduction. See this information for IL taxpayers from Bright Start: 2024 Important Tax Information.

[pcolgrove]

If I gave funds to my grandchildren for their IL Bright Start Plan in 2024, do I need to mark each of these deposits as a "Gift" or leave that blank?

[AmyC]

The gift checkbox is for people that don't know the account number.  2024 Schedule M Instructions - Illinois Department of Revenue states:

Check the box in Column C if your contribution was a gift. Attach: If you do not have the account number for a gift contribution, attach the following: 

■ Copy of the cancelled check used to make the contribution, and

 ■ Account holder’s name and address Enter the lesser amount of Line 13a or $10,000 ($20,000 if married filing a joint return) on Line 13. 

Note: Line 13 may not exceed $10,000 ($20,000 if married filing a joint return).

However, in order to e-file, you will want to add the account numbers to add up to your amount paid or the maximum allowed. You would not need to mark gift.