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utep22
New Member

Where do I enter Colorado 529 contributions?

 
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Accepted Solutions
SamiaI
New Member

Where do I enter Colorado 529 contributions?

You will see it on the page, Tuition Program Contribution under your Colorado State tab (Please see screenshot below).

To qualify for this Colorado subtraction, the plan must be administered by CollegeInvest. Your contribution must be included in your federal taxable income.

Here are some plans that qualify:

  • Direct Portfolio College Savings Plan
  • Scholars Choice College Savings Program
  • Stable Value Plus College Savings Plan
  • Smart Choice College Savings Plan

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8 Replies
SamiaI
New Member

Where do I enter Colorado 529 contributions?

You will see it on the page, Tuition Program Contribution under your Colorado State tab (Please see screenshot below).

To qualify for this Colorado subtraction, the plan must be administered by CollegeInvest. Your contribution must be included in your federal taxable income.

Here are some plans that qualify:

  • Direct Portfolio College Savings Plan
  • Scholars Choice College Savings Program
  • Stable Value Plus College Savings Plan
  • Smart Choice College Savings Plan

View solution in original post

christenmc12
New Member

Where do I enter Colorado 529 contributions?

But why would me paying out into a 529 count as income on my Federal return?
remmer46
Level 1

Where do I enter Colorado 529 contributions?

Indeed, I also contribute to College Invest in Colorado and it makes no sense to claim it as income on Federal forms and a deduction on the Colorado form.  Does someone know the answer?

motorthings
Level 1

Where do I enter Colorado 529 contributions?

Did anyone find a solution to this?

I'm in the same boat of not seeing a place to enter 529 contributions for CO

MaryK1101
Expert Alumni

Where do I enter Colorado 529 contributions?

It is a Colorado subtraction which means you are getting a tax break for it on the Colorado return only. "Paying in" does not mean you pay on the contribution on the federal return, it just means you cannot use tax-free money for the subtraction.  For example, if you did a rollover to a Colorado 529, it would not be taxed on the federal return so you could not subtract it from Colorado income.

 

@motorthings

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Colorado_Sean
New Member

Where do I enter Colorado 529 contributions?

In the TurboTax application, go to the top menu and select:

View\Forms

 

Then scroll down on the left side under the column "Forms in My Return" past Form 1040 until you see in the Colorado Individual section, expand it, and select:

Form 104AD

 

Within this form, section 8 addresses CollegeInvest contributions.  The table to the left allows entry of multiple contribution rows, and as you fill each of these in, the amount of money in them totals in the right column for row 8.

 

Once you've entered these values in manually, go back to the top menu and select:

View\Step-by-Step

 

I also didn't see how TurboTax queried the user for the 2020 taxes about 529 CollegeInvest contributions.  I'm sure it asked about this in the 2019 taxes.  Come on Intuit - make this easier for us!

evelyn-m-shih
New Member

Where do I enter Colorado 529 contributions?

Related question: Turbotax sent me an email to say my Colorado State Tax is filed, but I need to mail in an extra form. It doesn't say which form. I'm suspecting this has to do with the 529 entry, since nowhere did the software ask me to prove my contribution with a receipt or a CollegeInvest account number. Does anyone know what this is about, and what to do about it?

DaveF1006
Expert Alumni

Where do I enter Colorado 529 contributions?

According to this Colorado website, "Supporting documentation must be submitted to the Department in order to prove eligibility for credits and/or subtractions claimed on the Colorado Income Tax Return. For information about specific documentation requirements, refer to the Credits and/or Subtractions web page(s)."  In this link is Revenue Online which allows you to submit this information online even after  your return is electronically filed.

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