Does Arkansas allow deductions from 529 Plans?

Forum|Forum|7 years ago
June 1, 2019
6 replies
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TurboTax Deluxe Online

Best answer by Hal_Al

Arkansas allows a deduction for a contribution to a 529 plan; $5,000 per parent ($10,000 joint). It goes on line 2 of form AR1000ADJ (schedule of adjustments) then to line 22 of the tax form (AR1000F)

There is no deduction for a 529 plan contribution, on the federal return. The tax benefits come later when the money is withdrawn. Most states do have a deduction for putting money into a 529 plan. If your state is one of them, it will come up during the state interview. For a list see:

http://www.finaid.org/savings/state529deductions.phtml (scroll down the page) .

As for distributions, an exclusion is allowed on the federal return for qualified expenses. So, only the taxable portion would transfer to the AR return as other income

scott-christie

Level 2

Unable to enter data on AR1000ADJ Line 2. Any suggestions?

LISA0589

Level 2

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/5760231">https://ttlc.intuit.com/replies/5760231</a>

Hal_Al

Answer

Level 15

http://www.finaid.org/savings/state529deductions.phtml (scroll down the page) .

As for distributions, an exclusion is allowed on the federal return for qualified expenses. So, only the taxable portion would transfer to the AR return as other income