How to claim 529 tax credit for Wisconsin in turbotax online. I have not received any payment yet, but eligible for $5000 credit in Wisconsin. I do not see an option.
How to claim 529 tax credit for Wisconsin in turbotax online. I have not received any payment yet, but eligible for $5000 credit in Wisconsin. I do not see an option.
For a Wisconsin 529 tax contribution in 2024, you can reduce your income by up to $5,000 for a married couple filing jointly. This is not a credit, but rather a deduction.
Here is how you can enter your Wisconsin 529 contributions.
Navigate to the Wisconsin section of TurboTax (State Taxes > Your State Returns > Wisconsin)
Continue until you arrive at the page with the heading Here's the income that Wisconsin handles differently
Page down to Education
Select "Start" College Savings Plan Contributions
Answer the questions on the following pages regarding the Wisconsin College Savings Plan Contributions
How do I answer the required/optional questions when filing out the College Savings Info if I contributed to my niece and nephew's 529? How come when I enter my contribution amount I do not see it reflect a dollar for dollar tax reduction in my total?
You don't see a dollar-for-dollar reduction because the contributions are a deduction from the taxable state income, which reduces the amount of income that is taxed. They are not a credit (which typically does result in a dollar-for-dollar reduction.)
For the required question you will indicate that Contribution to your account does not apply, since you contributed to accounts for nieces and nephews.
Then you select the radio button beside the Optional question "Contribution to other's EdVest or Tomorrow's Scholar account. You will then also supply the account owner name, address, and amount that you contributed on the same page.
You will fill out a separate page for each contribution made to assign it to the appropriate account owner.