Question

Missing deduction for VA529 contributions

Forum|Forum|6 years ago
February 23, 2020
1 reply
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I entered over $12150 in contributions to my 2 children's 8 inVEST funds in 2019. I am the "owner" of all the accounts. After I entered the contributions to each of the 8 accounts, the Turbo Tax program acknowledged the total and says that I have a "$3,950 deduction", but my VA refund only increased by $200. Why?

529 Plan

DMarkM1

Once you have been refunded all that you paid to VA, (withholding) then there is no more to refund. You can check the calculations on the summary page.

1. Click "Tax Tools" in the left hand menu

2 Click "Tools" in the left hand menu

3 Click "View Tax Summary" in the center screen

4. Click "Preview my 1040" in the left hand menu

5 Click "VA Tax Summary" in the left hand menu

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