Is a 529 contribution deductible in maine

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June 1, 2019
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Best answer by JohnR1

No - per Page 2 of the 2016 Maine Form 1040ME instructions, for tax years beginning on or after January 1, 2016, the deduction for contributions to 529 plans (formerly found on Schedule 1, Income Modifications) has been repealed:

For tax years beginning on or after January 1, 2016, the following income modifications are repealed:

• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q).

• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T).

• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).

Instructions for 2016 Maine Form 1040ME may be found here:

http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf

JohnR1Answer

Employee

For tax years beginning on or after January 1, 2016, the following income modifications are repealed:

• Addition for qualified tuition and related expenses. 36 M.R.S. § 5122(1)(Q).

• Subtraction for long-term care premiums. 36 M.R.S. § 5122(2)(T).

• Subtraction for contributions to 529 Plans. 36 M.R.S. § 5122(2)(Y).

Instructions for 2016 Maine Form 1040ME may be found here:

http://www.state.me.us/revenue/forms/1040/2016/16_1040me_book_download.pdf

jcmccain

As of the 2023 tax year, you can now deduct up to $1,000 on your Maine return. As of 2/17/24, TurboTax has not been updated to reflect this though.

https://www.nextgenforme.com/maine-state-tax-deduction/

Per the 1040ME instructions:

Line 8. If your federal adjusted gross income is not more than $100,000
if single or married filing separately or $200,000 if married filing joint or
head of household, enter up to $1,000, per beneficiary, of contributions
made to a Maine or non-Maine qualified tuition program ("529 college
savings plan"). 36 M.R.S. § 5122(2)(YY).