Indiana CollegeChoice 529 Savings Plan

timandruthannlor · ‎June 4, 2019

We made $3,000.00 contribution to Indiana 529 Savings Plan for 6 grandchildren but Turbo Tax indicated this resulted in tax credit of only $600.00. Instructions said would get up to
$1,000. Why didn't Turbo Tax give us the $1,000.00?

CMass-Stan · ‎June 4, 2019

http://www.savingforcollege.com/529_plan_details/index.php?page=plan_details&plan_id=147

State tax deduction or credit for contributions:

A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000).

20% of $3000 is $600. If you'd contributed $5000 or more, you'd hit the $1000 limit.

View solution in original post

CMass-Stan · ‎June 4, 2019

http://www.savingforcollege.com/529_plan_details/index.php?page=plan_details&plan_id=147

State tax deduction or credit for contributions:

A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000).

20% of $3000 is $600. If you'd contributed $5000 or more, you'd hit the $1000 limit.

Indiana CollegeChoice 529 Savings Plan