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There is no deduction for a 529 plan contribution, on the federal return. The tax benefits come later when the money is withdrawn. Most states do have a deduction for putting money into a 529 plan. If your state is one of them, it will come up during the state interview. For a list see:
http://www.finaid.org/savings/state529deductions.phtml (scroll down the page) .
As for distributions, an exclusion is allowed on the federal return for qualified expenses. So, only the taxable portion would transfer to the AR return as other incomeThere is no deduction for a 529 plan contribution, on the federal return. The tax benefits come later when the money is withdrawn. Most states do have a deduction for putting money into a 529 plan. If your state is one of them, it will come up during the state interview. For a list see:
http://www.finaid.org/savings/state529deductions.phtml (scroll down the page) .
As for distributions, an exclusion is allowed on the federal return for qualified expenses. So, only the taxable portion would transfer to the AR return as other incomeStill have questions?
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