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I have several 529 accounts for my young grandchildren. I am wondering if I need to report these accounts to the irs as a part of my taxes for 2024. If so, how do I do it???

 
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2 Replies
pjtk67
New Member

I have several 529 accounts for my young grandchildren. I am wondering if I need to report these accounts to the irs as a part of my taxes for 2024. If so, how do I do it???

My 529 information does not appear on my federal return, only on the state return (where the 529 donations are tax deductible).

DawnC
Expert Alumni

I have several 529 accounts for my young grandchildren. I am wondering if I need to report these accounts to the irs as a part of my taxes for 2024. If so, how do I do it???

No, 529 plan contributions are not deductible on your federal return, so you don't need to enter anything about them on the federal return.   Some states allow a deduction.  If yours does, you can take the credit on your state return.  

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