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Nishnick
March 20, 2020
Question

ESA

  • March 20, 2020
  • 1 reply
  • 0 views

I opened and Education Savings account for my Grandchildren - can the amount be used to reduced income and where do I enter it on Trubo Tax

    1 reply

    J
    JulieS
    March 20, 2020

    No, contributions to an Education Savings Account are not deductible on the federal tax return. The amounts grow tax free, but that is the only federal tax benefit.

     

    Some states have credits or deductions for these plans, so watch for that when you do your state return. 

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    Hal_Al
    Hal_Al
    Employee
    March 20, 2020

     For a list of states, that allow a deduction, see:

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

     

    Some will only allow the parents a deduction. 

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