You'll need to sign in or create an account to connect with an expert.
Q. So that means I should be able to be file an amended 2020 return and deduct up to the limit allowed for that year and then use what it is left as a carryover deduction to an amended 2021 WI State Return?
A. Yes & yes.
Yes, but only the principal, not the interest. For example, you have a $10,000 USSB that is now worth $7000 when you roll it over to a Wisconsin 529 plan. You may deduct only the $5000* you bought the bond for.
Reference: https://dfi.wi.gov/Pages/EducationalServices/CollegeSavingsCareerPlanning/CollegeSavingsProgram.aspx
*You would deduct the maximum $3860 and roll over the other $1140 to next year.
Thank you. I though this might be the case.
In 2020, I cashed in $9008 total value of USSB where $4000 of the total was the original principal and rolled the whole $9008 into a 529 plan for my daughter. I did not treat that $4000 as a tax deductible contribution.
So that means I should be able to be file an amended 2020 return and deduct up to the limit allowed for that year and then use what it is left as a carryover deduction to an amended 2021 WI State Return? I think that would get me a some more refund back if went through the trouble of doing two amended returns for those two years?
Thank you so much for your help!
Q. So that means I should be able to be file an amended 2020 return and deduct up to the limit allowed for that year and then use what it is left as a carryover deduction to an amended 2021 WI State Return?
A. Yes & yes.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
DR2003
New Member
Bigratollie
New Member
Sharony
New Member
Sharony
New Member
johnreeves42
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.