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 The tax benefits come later when the money is withdrawn.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 incomeUnable to enter data on AR1000ADJ Line 2. Any suggestions?
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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 The tax benefits come later when the money is withdrawn.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 incomeTurbo Tax is not asking me about my 529 contributions on my State Tax Return. Why is that?
I'm unable to find AR1000ADJ, Line 22 of tax form AR1000F. How do I locate this on Turbo Tax?