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michael44
New Member

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

 
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11 Replies

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

Contributions to a qualified college savings plan are not deductible on your federal return, but may be deductible on your state return. If your state allows a deduction, you will see the entry point as you work through the state return. 

You can find more details here Information on 529 Plans

And you can use the steps here below to get to where you'd enter it in the State portion of your return:
  • Log into your return and click orange Take me to my return button
  • Click on State Taxes and then Your State Returns right below that
  • If you have already entered your state, click Edit next to it 
  • On the next page click Edit next to the Income section
  • Scroll down to Education section and click Start/Revisit next to College Savings Plan Contributions
  • You should be able to enter amount contributed on the next page 

NOTE: If you file a South Carolina tax return, either as a resident or non-resident, you may be eligible for additional tax advantages2

  1. Future Scholar account contributions may be tax-deductible, up to the maximum account balance limit of $400,000 per beneficiary (or any lower limit under applicable law)
  2. When you withdraw money to pay for qualified higher education expenses, you pay no South Carolina state income tax on your withdrawals
  3. You can deduct 100% of your contributions that you made to the South Carolina Tuition Prepayment Program in 2016.
  4. You can deduct 100% of your contributions that you made to the South Carolina College Investment Program in 2016 and through April 15, 2017.

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

If 529 is not deductible for Federal tax forms way is in included on the deductions sections. You are wasting the self prepared tax preparators time investigating. Please don't ad thing to the forms that are not applicable.

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

Does this still apply for 2020?  I don't see a section for "education" under income.

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out to pay for college.

The 1099-Q for the 529 plan deductions is entered in Deductions and Credits.

 

Here are thedirections for 1099-Q

 

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

Wrong information, 

 

SC 529 Future Scholar program is 100% deductible from overall income and will reduce your tax 

 

https://futurescholar.com/refund/#:~:text=When%20you%20contribute%20to%20a%20Future%20Scholar%20529,....

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

Please don't give incorrect information

SC 529 program is 100% deductible

https://futurescholar.com/refund/#:~:text=When%20you%20contribute%20to%20a%20Future%20Scholar%20529,....

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

@Rashid29 You are responding to posts that are almost 5 years old.  A lot changes in 5 years.

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

It is still a problem with Turbo Tax software, it doesn't have that section and people might still be looking for it.

So, 5 years or more, Post is still relevant.

Hal_Al
Level 15

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

I'm not specifically familiar with your state software. The following is a "generic" answer.

There is no federal deduction for making a contribution to a 529 plan. Some states allow a deduction on the state return. If your state is one, it will come up in the state interview; usually in the "Here's how (your state) handles income differently" section.

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

it does not come in state interview, that was the original question about SC state 529 plan.

MonikaK1
Employee Tax Expert

Not prompted to enter 529 info on sc state. Where do I enter my info for deduction?

You can find where to enter the South Carolina deduction for contributions to the state 529 plan in the South Carolina interview, at the screen listing items that South Carolina treats differently. See screenshot below:

 

 

A state income tax deduction of up to 100% of contributions to a Future Scholar 529 plan is available for South Carolina taxpayers. If you file a resident or non-resident South Carolina state income tax return, you may be eligible for a tax-deductible contribution. See here for more information.

 

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