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msunnydale
New Member

Maine 529 credit

Last year, I could deduct $250 worth per child for 529 contributions for the state of Maine.  This year, there is no option for that.  Has Maine tax law changed regarding 529s?
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Accepted Solutions
JohnR1
New Member

Maine 529 credit

Maine no longer permits a deduction for contributions to 529 plans: per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:

For tax years beginning on or after January 1, 2016, the following income modifications are repealed: 

• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q). 

• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T). 

• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).

Instructions for 2016 Maine Form 1040ME may be found here:

http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf

 

 

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2 Replies
JohnR1
New Member

Maine 529 credit

Maine no longer permits a deduction for contributions to 529 plans: per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:

For tax years beginning on or after January 1, 2016, the following income modifications are repealed: 

• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q). 

• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T). 

• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).

Instructions for 2016 Maine Form 1040ME may be found here:

http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf

 

 

View solution in original post

JohnR1
New Member

Maine 529 credit

Maine no longer permits a deduction for contributions to 529 plans: per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:

For tax years beginning on or after January 1, 2016, the following income modifications are repealed: 

• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q). 

• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T). 

• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).

Instructions for 2016 Maine Form 1040ME may be found here:

http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf

 

 

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