Showing my wife's gift contribution to 529 in CO.

[karanmankodi]

My wife and I file taxes as Married Filing Jointly. We both contributed to the 529 plan individually. I'm the owner of the 529 plan. 
In the section "Here's the income that Colorado handles differently", there is a 529 contributions section. But under this, it prompts the account owner details and contribution amount. I entered this for my contributions. Now, how do I show my wife's contributions? Should I enter one more line under this same section with my name and details as account owner, and then add the amount my wife contributed? Or should I add her name as the "Account Owner" and her details with that amount?

[AmyC · Accepted solution]

No, you are the account owner for both contributions. There is a limit of $34,000 for 2024 per beneficiary for a married couple. As long as you are below the limit, the contribution can be subtracted. 

Income Tax Topics: 529 Contribution Subtraction