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gsaurabh
New Member

I am filing as married filing jointly in GA and the new law says that 529 deduction has been doubled. This is not shown on your deductions screen. Please verify and expl

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DDollar
Expert Alumni

I am filing as married filing jointly in GA and the new law says that 529 deduction has been doubled. This is not shown on your deductions screen. Please verify and expl

You are correct.  On May 05, 2016 Georgia Governor Nathan Deal signed legislation that doubled the state tax deduction for families filing a join tax return for contributions made to the Path2College 529Plan. Beginning with returns filed in 2017, joint filers are eligible to deduct up to $4,000 per beneficiary, per year, giving families even more advantages to saving for education-related expenses. Contributions up to $2,000 per year, per beneficiary remain deductible for those who file single or head of household.

To take that deduction using TurboTax, you have to go to the Georgia tax return section.  Click on State Taxes. As you go through your state of Georgia Resident tax return, you will come to:
  • Here's the income that Georgia handles differently
  • Scroll down to Education
  • Next to Path2College Savings Plan Contributions click on Start or Revisit
  • Although TurboTax indicates that the deduction is still $2,000 per account, the program will not prevent you from entering a $4,000 contribution for each account. 
  • Add the total of all your eligible contributions together and enter the total



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1 Reply
DDollar
Expert Alumni

I am filing as married filing jointly in GA and the new law says that 529 deduction has been doubled. This is not shown on your deductions screen. Please verify and expl

You are correct.  On May 05, 2016 Georgia Governor Nathan Deal signed legislation that doubled the state tax deduction for families filing a join tax return for contributions made to the Path2College 529Plan. Beginning with returns filed in 2017, joint filers are eligible to deduct up to $4,000 per beneficiary, per year, giving families even more advantages to saving for education-related expenses. Contributions up to $2,000 per year, per beneficiary remain deductible for those who file single or head of household.

To take that deduction using TurboTax, you have to go to the Georgia tax return section.  Click on State Taxes. As you go through your state of Georgia Resident tax return, you will come to:
  • Here's the income that Georgia handles differently
  • Scroll down to Education
  • Next to Path2College Savings Plan Contributions click on Start or Revisit
  • Although TurboTax indicates that the deduction is still $2,000 per account, the program will not prevent you from entering a $4,000 contribution for each account. 
  • Add the total of all your eligible contributions together and enter the total



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