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March 24, 2024
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529 deductions for Maine, where to enter?

  • March 24, 2024
  • 1 reply
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Where in TT Deluxe can I report my 529 contributions for the State of Maine? The state offers a deduction (once again) I do believe. I've searched for over a hour now and when going step by step turbotax didn't ask me anything about 529s.


Thanks!

    Best answer by MayaD

    For taxable years beginning on or after January 1, 2023, the portion of contributions to a qualified tuition program established under Section 529 of the Code up to $1,000 per designated beneficiary. This deduction may not be claimed when federal adjusted gross income exceeds $100,000 for a single individual and married persons filing separate returns or $200,000 for individuals filing married joint returns and heads of households.

    state of Maine

     

    To report your contribution in TurboTax: 

    1. Open your Maine return
    2. Continue to the screen Any other income subtractions. 
    3. Select Contributions to Qualified Tuition Programs subtraction and continue. 

    1 reply

    MayaDAnswer
    March 26, 2024

    For taxable years beginning on or after January 1, 2023, the portion of contributions to a qualified tuition program established under Section 529 of the Code up to $1,000 per designated beneficiary. This deduction may not be claimed when federal adjusted gross income exceeds $100,000 for a single individual and married persons filing separate returns or $200,000 for individuals filing married joint returns and heads of households.

    state of Maine

     

    To report your contribution in TurboTax: 

    1. Open your Maine return
    2. Continue to the screen Any other income subtractions. 
    3. Select Contributions to Qualified Tuition Programs subtraction and continue. 

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    brady747Author
    March 29, 2024

    Thank you so much! My eyes must have glossed over it several times.

     

    Best,