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Level 1
posted Mar 23, 2024 5:36:33 PM

529 deductions for Maine, where to enter?

Where in TT Deluxe can I report my 529 contributions for the State of Maine? The state offers a deduction (once again) I do believe. I've searched for over a hour now and when going step by step turbotax didn't ask me anything about 529s.


Thanks!

0 2 595
1 Best answer
Expert Alumni
Mar 26, 2024 6:34:29 AM

For taxable years beginning on or after January 1, 2023, the portion of contributions to a qualified tuition program established under Section 529 of the Code up to $1,000 per designated beneficiary. This deduction may not be claimed when federal adjusted gross income exceeds $100,000 for a single individual and married persons filing separate returns or $200,000 for individuals filing married joint returns and heads of households.

state of Maine

 

To report your contribution in TurboTax: 

  1. Open your Maine return
  2. Continue to the screen Any other income subtractions. 
  3. Select Contributions to Qualified Tuition Programs subtraction and continue. 

2 Replies
Expert Alumni
Mar 26, 2024 6:34:29 AM

For taxable years beginning on or after January 1, 2023, the portion of contributions to a qualified tuition program established under Section 529 of the Code up to $1,000 per designated beneficiary. This deduction may not be claimed when federal adjusted gross income exceeds $100,000 for a single individual and married persons filing separate returns or $200,000 for individuals filing married joint returns and heads of households.

state of Maine

 

To report your contribution in TurboTax: 

  1. Open your Maine return
  2. Continue to the screen Any other income subtractions. 
  3. Select Contributions to Qualified Tuition Programs subtraction and continue. 

Level 1
Mar 29, 2024 8:51:13 AM

Thank you so much! My eyes must have glossed over it several times.

 

Best,