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I donated $5,000 to an Indiana 529 plan and did not take a nonqualified withdrawal last year. Yet, turbo tax is only giving me a $600 credit. What am I doing wrong?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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There does not appear to be any reason why I don't qualify for the full $1,000 credit, yet I am only getting a $600 credit. My income was 19,725 if that makes a difference.

TurboTax Home & Biz Windows

Best answer by Anita01

You can only use the amount of this credit that reduces your tax owed to zero, In other words, once you owe no more taxes on your IN income, you cannot use the rest of the credit and cannot get a refund for the amount of the credit you don't use. At your income level, you probably did not have enough of a tax liability to use the whole credit.,

A

Anita01Answer

Employee

You can only use the amount of this credit that reduces your tax owed to zero, In other words, once you owe no more taxes on your IN income, you cannot use the rest of the credit and cannot get a refund for the amount of the credit you don't use. At your income level, you probably did not have enough of a tax liability to use the whole credit.,

A

Anita01

Employee

You can only use the amount of this credit that reduces your tax owed to zero, In other words, once you owe no more taxes on your IN income, you cannot use the rest of the credit and cannot get a refund for the amount of the credit you don't use. At your income level, you probably did not have enough of a tax liability to use the whole credit.