I've made contributions to 2 separate 529 College Invest accounts in Colorado, one for each child. The forms only seem to require reporting the total $ given - no names?
I am the account owner for both. An online instruction seemed to indicate that if there are separate accounts you must file electronically, which I am. But there still is no input field to add nams
That is correct. You enter the total contributions you made for all beneficiaries, no beneficiary information is needed. The max lines you can have is 2, one for you and one for your spouse. The credit is per account owner, not per beneficiary. On a Married filing Joint return, there could be 2 lines for 2 account owners, husband and wife. TurboTax already knows your address, so no need to enter it again.
CO Taxpayers
can subtract contributions made to qualifying CollegeInvest accounts and Colorado ABLE programs to the extent the contributions are included in federal taxable income. If the taxpayer
and/or spouse are not the account owner(s), include the account owner’s name, address, and Social Security Number. The aggregate subtraction for CollegeInvest and ABLE programs is limited to $20,700 ($31,000 MFJ) for each beneficiary.
Correct, it must be filed electronically and the credit is per account owner. Here is how to add when you are not the account owner.
Thank you for the quick response; I appreciate it. However, as I understand the rules and instructions what you have described is how you handle contributions to a 529 account owned by someone other than yourself (the contributor). In that case you have to provide the information about the account owner. In my situation, I am making contributions to two 529 accounts where I am the owner of the account. The TT form and Colorado tax form only seem to request the total dollar amount contributed with nothing required about the beneficiary of the account.
That is correct. You enter the total contributions you made for all beneficiaries, no beneficiary information is needed. The max lines you can have is 2, one for you and one for your spouse. The credit is per account owner, not per beneficiary. On a Married filing Joint return, there could be 2 lines for 2 account owners, husband and wife. TurboTax already knows your address, so no need to enter it again.
CO Taxpayers
can subtract contributions made to qualifying CollegeInvest accounts and Colorado ABLE programs to the extent the contributions are included in federal taxable income. If the taxpayer
and/or spouse are not the account owner(s), include the account owner’s name, address, and Social Security Number. The aggregate subtraction for CollegeInvest and ABLE programs is limited to $20,700 ($31,000 MFJ) for each beneficiary.
The contributions were made to grandchildren's accounts owned by them. I dont have all of their social security numbers. That isn't required to submit a contribution.
Will this process with name of owner and amount?
But I don't have SS# for the Owners of the accounts. That's intrusive. When Its not needed to make the contribution. The owners are grandchildren, the beneficiaries are great grandchildren. I live in COlorado. The form doesn't provide for putting in an address, etc. Just Owner, SS# and amount.
Colorado requires the account owner's name and Social Security or Individual Taxpayer Identification number to take the subtraction on the Colorado tax return. It won't go through without that information.