I live in GA and preparing my taxes for this State, but my 529 plan is from Rhode Island

[gemotorres]

I am preparing my taxes for Federal and Georgia.  I have a 529 plan in Collegebound fund in Rhode Island for my Son's College.  Where can I enter my contributions for Federal and/or State taxes? can I get a deduction for those?

Thanks for your help.

[ToddL99 · Accepted solution]

Contributions to 529 plans are not deductible for federal tax purposes. Only the income from 529 plans is exempt from federal tax (when used for qualifying education expenses).

Contributions to 529 plans are deductible for GA tax purposes, but only when made to a Georgia Higher Education Savings Account. Contributions to 529 plans sponsored by other states are not deductible.

From Information About The Georgia Higher Education Savings Plan:

For tax years beginning on or after January 1, 2016, if you are a Single or Married Filing Separate filer, you may deduct up to $2,000 of your contribution on behalf of any beneficiary of a Georgia Higher Education Savings Account.  If you are a Married Filing Joint filer, you may deduct up to $4,000 of your contribution on behalf of any beneficiary of a Georgia Higher Education Savings Account. 

[gemotorres]

Thanks for your help.  But in other words I should move that Collegebound fund 529 from Rhode Island to a Saving plan in Georgia?  because I guess I have been charged taxes for that "income" now that I am using it for my son's College.  I have never claim deduction for that, anyway I couldn't in Georgia or reported those contributions all these years using Turbo Tax.  I would appreciate your advice. 

[ThomasM125]

If you are still making contributions, it may be wise to set up a deductible plan in Georgia. You don't pay any tax on the earnings in the fund as long as you use the proceeds for qualifying education expenses.

[gemotorres]

Thanks for your help.