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If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

 
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6 Replies

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

Contributions to a 529 plan are not deductible on a federal tax return.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
MinhT1
Employee Tax Expert

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

There's no federal deduction for a 529 plan contribution.

 

However, some states let you deduct all or part of your 529 plan contributions.

 

Please read this TurboTax Help article for more information.

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If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

can you fill 709 gift tax form to get federal deduction?

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

Funds given as a gift are NOT deductible.  You must file a federal gift tax return (Form 709) if the amount of your gifts exceeds $18,000 (2024), or $17,000 (2023).

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

Thank you so much for replay, one more last quetsion, if your gift exceeds amount 18,000 , and if you file form 709, you will get a tax credit ? or how it helps?

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

There is no tax credit for filing Form 709. 

Where do I report a cash gift? (intuit.com)

 

You can read the details about Form 709 here:

https://www.irs.gov/instructions/i709

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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