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Where do I enter Contributions to 529 Savings plans? We contributed via deduction from our checks and added additional money as well.
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Where do I enter Contributions to 529 Savings plans? We contributed via deduction from our checks and added additional money as well.
Contributions to your 529 plan are not deductible on your federal tax return. Your investment grows tax-deferred and distributions you pay for college are federally tax-free.
However, many states do offer an income tax deduction for contributions to the college-savings plan.
Since I am not sure which state you live in, please be sure to complete the Turbo Tax interview deductions questions on your state tax return.
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Where do I enter Contributions to 529 Savings plans? We contributed via deduction from our checks and added additional money as well.
. 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:
<a rel="nofollow" target="_blank" href="http://www.finaid.org/savings/state529deductions.phtml">http://www.finaid.org/savings/state529deduct... down the page) .
<a rel="nofollow" target="_blank" href="http://www.finaid.org/savings/state529deductions.phtml">http://www.finaid.org/savings/state529deduct... down the page) .
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