Maryland 529 investment plan deduction determination for 2 beneficiaries

[BSUMROW]

First off, I am 100% aware of the allowance for a $2500 deduction per beneficiary to the MD 529 college investment plan.  I have two children, each with their own 529 account, who obviously are classified in TurboTax as dependents of my wife and I (married filing jointly).  We have contributed over $2500 for each of my children, and TurboTax only asks for the total contribution overall (not per beneficiary).  It seems like the # of beneficiaries is not specified, so I'm wondering if we are only reaping the benefit of a $2500 tax deduction (for 1 beneficiary) or a $5000 tax deduction (for 2 beneficiaries).  Does TurboTax just assume the total entered applies to our 2 beneficiaries?  Can anyone provide definitive insight on this?

[AmyC]

The $2500 is per contributor, per beneficiary. As a MFJ couple, that means up to $5,000 per beneficiary - up to $2500 from each of you as a contributor.

The state of MD form just lists a total. Enter your total amount up to  $2500 per contributor, per beneficiary. So, two kids could be up to $10,000 entered.

Reference: Tax Advantages | Maryland 529

Form 502SU

[BSUMROW]

Thank you.  So it's fair to assume we can receive a maximum of a $10K deduction between my two children and the "two contributors", my wife and I?  Even if all contributions came from one of us (i.e. one account)?

[MindyB]

Yes.  As a married couple, you count as two benefactors, whether or not you share a bank account.