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Kathy40
Returning Member

Indiana College Choice 529

Shouldn't the credit be the smaller of  20% or $1000 for each account contributed to? WE have two kids now, last year we contributed $5000 for one account and recd $1000 credit, this year we contributed $5000 for each kid in two separate accounts, shouldn't we get a $2000 credit - $1000 for each account?

 

2 Replies
MinhT1
Expert Alumni

Indiana College Choice 529

You are eligible for a state income tax credit of 20% of contributions to an Indiana CollegeChoice 529 account, up to $1,000 credit per year. This credit is per year for each taxpayer, and not per 529 account. So you only have $1,000 of state tax credit.

 

Please read this Indiana Revenue document for more information.

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Kathy40
Returning Member

Indiana College Choice 529

Thanks

 

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