Turbotax asks for total amount of contributions to NYS 529 plan for the years 1998-2021. Is this the amount the student contributed, or the amount the parent contributed?

Forum|Forum|4 years ago
February 13, 2022
1 reply
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I am the student and contributed zero. My parent set up the plan and made all contributions. The Turbotax question asks for ALL contributions to the plan, but whose contributions are they referring to?

TurboTax Deluxe Online

JillS56

Both. All contributions include contributions made by you and your parents.

erg2018Author

OK, and what about the question before that one, where it asks how much "you" contributed to the 529 in 2021? Is that how much I myself contributed (which was zero) or how much my parent contributed?

DawnC

Employee

Enter 0 there if you did not make any contributions to the 529 plan. That questions is asking you about a tax deduction that you are not qualified to take. Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Don't deduct contributions your parents made on your tax return.

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