Question

Moved money from a Coverdale IRA into Maryland 529.

Forum|Forum|5 years ago
February 24, 2021
1 reply
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Can we deduct this contribution from our MD taxes even though it was already in a college account but not on Maryland.

Employee

MD does not prohibit it. I know AL specifically allows the transfer. MD has been modified several times with no prohibition. You must have MD income.

For complete rules see page 2, left hand column of Administrative Release 32 - Comptroller of Maryland. Which states: Both residents and nonresidents with Maryland source income are entitled to a subtraction modification of up to $2,500 per year per designated beneficiary

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