Where to report 529 contributions?

Forum|Forum|6 years ago
June 12, 2019
1 reply
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I contributed $2,400 in 2016 to my son's IL 529 (bright start advisor) where do I report the amount?

TurboTax Premier Online

JohnR1

Employee

To enter your Illinois 529 Plan contributions for your son's education in TurboTax, please follow these steps:

In your return, select State Taxes tab
Proceed through the state interview section for Illinois, answering all questions on residency and income, until you arrive at a page entitled "Here's the income that Illinois handles differently"
Under Education, click on Start button for "College savings and prepaid tuition plan contributions"
On next page, "College Savings and Prepaid Tuition Plans", enter your 2016 529 plan contribution amount in the box for "Bright Start College Savings Pool" and click on Continue button
Finish the rest of the interview questions for Illinois

dgarciacabr

I have a cx who is getting an error on the " College Savings Acct No" system saying acct number should not contain a letter, but the correct account number contains a letter. It did not work deleting it or deleting the state and starting it again. any ideas?

HopeS

The 529 plan contribution is non-deductible on your federal income tax return. Most states offer an income-tax deduction for contributions, but each state also has different rules about who can take the deduction for their contributions.

Illinois taxpayers can deduct contributions made to Illinois 529 plans up to:$10,000 per individual taxpayer and $20,000 for a married couple filing jointly To be deductible for a calendar year you must make the contribution before the end of that given calendar year.

Once you delete the Form 529 section of the return, then try clearing Cache before following the steps below:

How to Clear Cache

Select the State Taxes tab
Proceed through the state interview section for Illinois, answering all questions on residency and income, until you get to at page "Here's the income that Illinois handles differently". See the screenshot below.
Under Education, click on Start for "College savings and prepaid tuition plan contributions"
On the next page, "College Savings and Prepaid Tuition Plans", enter your 2020 529 plan contribution amount in the box for "Bright Start College Savings Pool", If the contribution is a gift, check the box, and click on Continue.