College educational deposit

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. Most states allow anybody (not just the parents) to claim the deduction. For a list, see:

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

The tax break comes in the future, when you (or the beneficiary) take the money out to pay for education.  All earnings (interest, dividends and capital gains) over the years is tax free if the distribution is used to pay for education, including room & board.