Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
A
avtopi
April 10, 2022
Question

Michigan State Tax (529) - Year 2021

  • April 10, 2022
  • 1 reply
  • 0 views

Hello,

I contributed10k to MESP (Michigan Education Saving Program) for year 2021 and withdrawn qualified expense around 25k.

Turbo Tax has two separate lines under education for Michigan

1) Contribution

2) Withdrawal

 

Does that mean I enter both numbers separately?

I noticed that that Contribution has note that if you withdraw from same saving account then you are entering net contribution. 

For example (2000 contribution, 1000 withdraw = 1000 net contribution)

In my case (10,000 contribution, 25,000 withdraw = -15,000 negative net contribution)

 

How do you enter Education saving info for Michigan Tax?

    1 reply

    KrisD15
    KrisD15
    April 10, 2022

    That withdrawal would only be if you contributed too much and then took some out.

    It is not for the distribution.  

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      A
      avtopiAuthor
      April 10, 2022

      Thanks for quick response @KrisD15 

       

      In that case I will enter both amount in two separate lines provided by TruboTax

       

      1) Contribution - 10k

      2) Qualified Withdrawals - 25k

       

      Can you please confirm @KrisD15 and thanks in  advance! 

      KrisD15
      KrisD15
      April 11, 2022

      No

      Enter 10,000 Contribution and zero for Withdrawals if the withdrawal was for education expenses. 

       

      The state is giving you credit for the contribution. It is asking about a withdrawal in case someone contributed to an account, then took the money back out. 

      A withdraw for education purposes is technically a withdrawal made by the student. 

       

      In your case, you would get a state credit for the entire contribution. 

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsCookie settingsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification