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Question

If you have contributed 529 , how can you get federal tax deduction ? how to fill in turbotax?

Forum|Forum|2 years ago
February 14, 2024
3 replies
0 views

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TurboTax Deluxe Online

Employee

Contributions to a 529 plan are not deductible on a federal tax return.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

There's no federal deduction for a 529 plan contribution.

However, some states let you deduct all or part of your 529 plan contributions.

Please read this TurboTax Help article for more information.

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pari300994Author

can you fill 709 gift tax form to get federal deduction?

Employee

Funds given as a gift are NOT deductible. You must file a federal gift tax return (Form 709) if the amount of your gifts exceeds $18,000 (2024), or $17,000 (2023).

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

pari300994Author

Thank you so much for replay, one more last quetsion, if your gift exceeds amount 18,000 , and if you file form 709, you will get a tax credit ? or how it helps?