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Contributions to 529 plans are no longer deductible on Maine's income tax return, effective January 1, 2016 - per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:
For tax years beginning on or after January 1, 2016, the following income modifications are repealed:
• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q).
• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T).
• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).
Instructions for 2016 Maine Form 1040ME may be found here:
http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf
Contributions to 529 plans are no longer deductible on Maine's income tax return, effective January 1, 2016 - per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:
For tax years beginning on or after January 1, 2016, the following income modifications are repealed:
• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q).
• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T).
• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).
Instructions for 2016 Maine Form 1040ME may be found here:
http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf
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