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Error in Wisconsin software for 529 plan

I found an error in the WI state tax software concerning entering contributions to Edvest - WI 529 plan.

 

WI allows a deduction of up to $3340 per beneficiary for deductions to the 529 plan. When you enter your contribution amount in the software it is supposed to accurately deduct it from your WI income. The figure is  transferred to Schedule CS in part 1. Then line 3 is supposed to show $3340 and compare it to your contribution and deduct the smaller of the two however it does not. It seems to put in $3000 so if you contributed more than that you would lose out on part of the deduction.

 

You can correct it manually by opening Schedule CS but the program should do that automatically.

 

I-have reported this to TT and hopefully it will be fixed but wanted to give a heads up if anyone has this happen to them.

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19 Replies
ErnieS0
Expert Alumni

Error in Wisconsin software for 529 plan

TurboTax accurately computes the $3,340 deduction limit.

 

If you are a Wisconsin taxpayer, your contributions to Edvest may be deducted from state taxable income up to a maximum of $3,340 per beneficiary ($1,670 for married filing separate status and for divorced parents of a beneficiary) for the 2020 tax year ($3,380 per beneficiary, and $1,690 per beneficiary for married filing separate status and for divorced parents of a beneficiary for the 2021 tax year).

 

You do not have to be related to the beneficiary and remember, this tax benefit is per beneficiary so if youre contributing to accounts for multiple children or grandchildren, you can potentially reduce your Wisconsin taxable income even more. The state tax deadline is April 15 of the following year.

 

Refer to FAQ: Edvest College Savings Plan

 

TurboTax has a 100% Accurate Calculation Guarantee. If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.

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Error in Wisconsin software for 529 plan

I beg to differ with you - it did not compute my tax accurately because it did not put $3340 on line 3. It should be a simple calculation and this field should either be populated with $3340 or $1670 for a divorced parent. Those are the only two figures that should be on that line.

 

In my case it did not show $3340 but $3000 for some reason and so it took the lower if those two and only deducted $3000 instead of $3340.

 

i shared my screen with TT tech support and demonstrated that as I put different numbers in the contribution amount the same error would occur - $3340 would not show up on line 3.

 

i tried restarting the program and that did not help. The tech support agent agreed that there is a problem.

Error in Wisconsin software for 529 plan

I had the same issue with my Schedule CS.  How did you manage to change it manually?

Error in Wisconsin software for 529 plan

Open the schedule CS and you can manually enter the correct amount on line 3 and then it will figure the rest correctly

Error in Wisconsin software for 529 plan

Thank you very much for the reply!  I couldn't get an answer from TurboTax online or over the phone so I appreciate your help.  One more question - I'm using TurboTax Online which does not appear to allow me to open up the Schedule CS and edit it.  Are you using the downloaded/CD version?  Thanks again.

Error in Wisconsin software for 529 plan

Yes I am using the downloaded program and I’m not familiar with the online version. I would think there would be a way to open a form.

 

Is there a help menu where you can search for ‘Open a form’?

Error in Wisconsin software for 529 plan

I am using the downloaded version and am it familiar with the online version but I would think they should have the same features.

 

Is there a help menu where you could search for “Open a form”? Maybe someone on the forum can advise how to do it on the online version

 

Error in Wisconsin software for 529 plan

Thank you again for the help.  I was able to speak to TurboTax customer service and they allowed me to switch to the desktop version where I'm able to fix the form directly.  Thanks!

Error in Wisconsin software for 529 plan

Glad you were able to solve the problem

Weise
Returning Member

Error in Wisconsin software for 529 plan

We are having the same problem in the desktop Premier version and although it does give us the correct tax credit, we shouldn't be entering an amount in line 3, because we are married and filing jointly.

 

Any other suggestions?

Note, it was working as we were entering amounts for different grandchildren but then stopped. Now it has no effect when I take the amounts out in Schedule CS or put them back in.

Follow-up:
When I deleted all of the entries for the grandkids and reentered them, it fixed the problem, but looking at the CS form, it has an amount in line 3 and that doesn't seem correct, since we are NOT married filing separate or a divorced parent?

Error in Wisconsin software for 529 plan

This issue was present in the 2020 desktop version of TurboTax Deluxe, and I believe the same problem is present in the 2021 desktop version of TurboTax Deluxe.

 

I caught the error in the 2020 version AFTER I had already filed my 2020 Wisconsin return; however, I was able to file and amended return and recover the additional refund due to me.

ljmmcm
New Member

Error in Wisconsin software for 529 plan

I am having the same problem with carry forward contributions to Edvest.  I have carry forward Edvest deductions for two grandchildren but am getting no deduction due to this error with TurboTax.  The software keeps my current eligible deduction as a carryford again into NEXT year (instead of giving me the credit due this year). I spent 2 HOURS on the phone with TurboTax with NO resolution (although they saw the error and were professional and polite and had a team working on it while I was on hold).  I did receive a call back the next day and was told there is a "glitch" in the system and to give it 2-3 business days and the problem would be fixed.  I gave it 5 days and the issue is still not resolved.  I do not have it in me to spend more time on the phone with them.  It is a known issue with them and they are not fixing it. 

ljmmcm
New Member

Error in Wisconsin software for 529 plan

I just took another person's advice and I deleted the grandchildren Edvest information totally and then reentered it.  The first time had no effect, but when I deleted it a second time and reentered the Edvest information again, it calculated correctly!  I have no idea why reentering the information corrects this major error, but maybe it is a solution for others. 

 

TurboTax PLEASE correct this problem for 2022 taxes.

Error in Wisconsin software for 529 plan

My 2020 Edvest carryforward is not being carried forward into 2021. How do you edit Schedule CS manually on the desktop version?

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