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Question

State 529 Contributions & Withdrawal

Forum|Forum|2 years ago
April 11, 2024
1 reply
0 views

I see that I have to offset the amount that I contributed to my daughters 529 plan with the withdrawal for a qualified expense... So if the withdrawal exceeds the contributions, do I reflect a negative amount?

No, if you withdrew more than you contributed, you simply will not enter the contribution since you will no longer be eligible for that credit.

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rwheeler125Author

Thank you for the prompt response! 2 add on questions:

As for the contribution to the 529, is that lifetime? It does not state "2023" specifically in TT.
If I have 3 separate 529 plans for my 3 kids, 2 of which are in College, can I still claim the youngests contributions, since there is no withdrawal?

Employee

Which state?