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Question

529 contribution deduction on federal return

Forum|Forum|5 years ago
April 24, 2021
1 reply
0 views

How do I deduct $7500 total contribution to a 529 plan for 2 grandchildren?

TurboTax Home & Biz Windows

Employee

There is no federal deduction for making a contribution to a 529 plan. Some states allow a deduction on the state return. If your state is one, it will come up in the state interview; usually in the "Here's how (your state) handles income differently" section. Some do allow a deduction even if the beneficiary is not your dependent (so grandparents can get it).

see:

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_question_ids[]=437&order_by=plan_question_437

DiriAuthor

Thank you so much!