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Level 1

Colorado 529 plan deduction

Where do I enter my contribution on Turbotax   for my Colorado 529 plan.  

5 Replies
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Expert Alumni

Colorado 529 plan deduction

During the TurboTax state tax return interview you subtract payments or contributions to a qualified state tuition program administered by College Invest.  There is a section to enter subtractions from federal taxable, and 529 plan payments or contributions will be one of the categories you can enter.

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Level 1

Colorado 529 plan deduction

It helped. I had to manually enter the contribution on to the turbo tax form itself, because there was no way to enter it on the interview function in turbo tax. 
thanks

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New Member

Colorado 529 plan deduction

I am frustrated and disappointed with the lack of support for known deductions like state 529 contributions.

I wonder how many other which I am not aware are being missed. We are paying so much for Federal and additional amount again  for State, IMHO should expect better.

 

Someone, please please please post the instructions for the following

     - 529 contributions for Illinois and Colorado

     - K -12 residential school expenses for Illinois ( Illinois Math and Science Academy )

 

        

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New Member

Colorado 529 plan deduction

It did not help

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Expert Alumni

Colorado 529 plan deduction

During the TurboTax state tax return interview you subtract payments or contributions to a qualified state tuition program administered by College Invest.  There is a section to enter subtractions from federal taxable income, and 529 plan payments or contributions will be one of the categories that can be subtracted.  Look for a question about qualified tuition program or College Invest contributions.

 

Illinois permits a "Schedule M Subtraction" for contributions to the Bright Start and Illinois Prepaid Tuition Program up to a combined total of $10,000 ($20,0000 MFJ).  According to the instructions, contributions to other plans cannot be subtracted.

 

If your 529 plan contributions were Bright Start and/or the Illinois Prepaid Tuition program, they can be deducted in the "Illinois subtractions" section of your Illinois state return.

 

See this Illinois Revenue website for more details.

 

There is a credit for Illinois K-12 education expenses, and that credit should show up in a section or question on Credits when completing the Illinois state tax return questions. 

 

 

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