So on Turbo tax it seems to only ask how much we contributed to the 529, but since I have 3 different beneficiaries my cap should be 7,500 not 2,500 is there a place to note the number of accounts? Or does it automatically know to count the full amount?
Also if I take the standard deduction for the federal and as a consequence have to take the standard for Maryland will the 529 still reduce my tax liability?
No, when you record the contributions in your Maryland State return, enter $7500. The program will automatically assume you have three beneficiaries. no matter what deduction you choose. This amount will reduce your tax liability on your Maryland return because it reduces your taxable income
Plan 529 contributions are not deductible on the federal return so you would not report these on your federal return. Only on the Maryland State return.
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