Indiana College Choice 529

[Kathy40]

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?

[MinhT1]

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.

[Kathy40]

Thanks