Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 31, 2019 7:13:12 PM

Where do I enter Contributions to 529 Savings plans? We contributed via deduction from our checks and added additional money as well.

0 2 556
2 Replies
Expert Alumni
May 31, 2019 7:13:14 PM

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. 

Level 15
May 31, 2019 7:13:16 PM

. 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/state529deductions.phtml</a>  (scroll down the page) .