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State of WI College Savings

I live in WI and have two Edvest college savings accounts, one for each of my two children, who are the beneficiaries. Tax code states that as a divorced parent, I should be able to deduct $1690, per bene, per year. It appears TurboTax is only giving me one deduction for $1690. 

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1 Best answer

Accepted Solutions
LenaH
Employee Tax Expert

State of WI College Savings

To get the correct deduction in TurboTax, please follow the instructions below:

  1. Open your return.
  2. Click on State.
  3. Edit your Wisconsin return.
  4. On the page Here's the income that Wisconsin handles differently, click Revisit next to College Saving accounts
  5. Answer Yes on the following page
  6. Enter the beneficiary name and ensure that the box next to taxpayer is divorced parent of beneficiary is checked
  7. Scroll down and enter the amount under contributions - $1,690
    wis.png
  8. Hit Continue.
  9. On the College Savings Accounts Summary, click Add Another College Savings Accountwisss.png

     

  10. Repeat steps 6-8.
  11. Click Done.
  12. The College Saving Account deduction is $3,380. wissss.png

     

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
LenaH
Employee Tax Expert

State of WI College Savings

To get the correct deduction in TurboTax, please follow the instructions below:

  1. Open your return.
  2. Click on State.
  3. Edit your Wisconsin return.
  4. On the page Here's the income that Wisconsin handles differently, click Revisit next to College Saving accounts
  5. Answer Yes on the following page
  6. Enter the beneficiary name and ensure that the box next to taxpayer is divorced parent of beneficiary is checked
  7. Scroll down and enter the amount under contributions - $1,690
    wis.png
  8. Hit Continue.
  9. On the College Savings Accounts Summary, click Add Another College Savings Accountwisss.png

     

  10. Repeat steps 6-8.
  11. Click Done.
  12. The College Saving Account deduction is $3,380. wissss.png

     

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

State of WI College Savings

I had followed those steps; I deleted and started over and it is working now. 

 

Thank you!

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