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Level 2

I live in Ohio and put $6000 in my grandsons Ohio 529 Education Account. Ohio gave me credit for $4000 on my Ohio return. What happens to the other $2000.?

 
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Level 15

I live in Ohio and put $6000 in my grandsons Ohio 529 Education Account. Ohio gave me credit for $4000 on my Ohio return. What happens to the other $2000.?

It carries over to next year and is deducted.

If you use TurboTax, that will happen automatically.

 

Note that both the $4000 this year and $2000 next year are deductions from income and not tax credits.

View solution in original post

2 Replies
Level 15

I live in Ohio and put $6000 in my grandsons Ohio 529 Education Account. Ohio gave me credit for $4000 on my Ohio return. What happens to the other $2000.?

It carries over to next year and is deducted.

If you use TurboTax, that will happen automatically.

 

Note that both the $4000 this year and $2000 next year are deductions from income and not tax credits.

View solution in original post

Level 2

I live in Ohio and put $6000 in my grandsons Ohio 529 Education Account. Ohio gave me credit for $4000 on my Ohio return. What happens to the other $2000.?

Short to the point answer...Appreciated!

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