MOST/ 529 contributions

Forum|Forum|5 years ago
April 23, 2021
5 replies
40 views

Can we take a deduction for our 2020 contribution to our grandson's MOST -529 account setup by his parents? We live in the same state as our grandson -Missouri.

AmyC

Level 15

Yes, IF you meet the requirement on page 15 of the MO 1040 instructions which state:

LINE 11 - EXEMPT CONTRIBUTIONS MADE TO A QUALIFIED 529 PLAN The state of Missouri allows a subtraction from federal adjusted gross income for the amount of annual contributions made to the Missouri Savings for Tuition Program (MOST), or any other qualified 529 plan. The maximum annual exempt contribution is $8,000 for single individuals or $16,000 for married couples filing a combined return.

If you contributed to MOST, or any other qualified 529 plan and are claiming the subtraction on your Missouri income tax return, please attach one of the following with your return:

• Statement from program manager showing contribution in the name of the individual claiming the subtraction,

• Bank statements reporting/verifying the contribution date and contribution amount,

• Copies of canceled checks,

• Other supporting documentation verifying the name of the individual who contributed to the MOST 529 account, contribution dates, and contribution amounts.

The documentation verifying contributions must be in the name of the individual claiming the subtraction.

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scmintz

Level 2

For the last two years, I entered the 529 contributions in the appropriate interview question. However, there is no amount shown on Line 49 and no subtraction shown. When I tried to create an amended return, TurboTax would not create one. What am I missing?

DoninGA

Level 15

@scmintz wrote:

For the last two years, I entered the 529 contributions in the appropriate interview question. However, there is no amount shown on Line 49 and no subtraction shown. When I tried to create an amended return, TurboTax would not create one. What am I missing?

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=lcl5h380

Using the TurboTax online editions for an amended return -

To access your prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Start the 2022 online tax return by entering some personal information then click on Tax Home on the left side of the screen.

On the Tax Home webpage -

Scroll down to the section Your tax returns & documents. Click on the Year and Click on Amend (change) return

Using the TurboTax desktop editions for an amended return -

Start the TurboTax program for the tax year you need to amend

Continue the tax return that needs to be amended

Click on Federal Taxes

Click on Other Tax Situations

Under Other Tax Forms

On Amend a return, click on the start or update button