Question

We received the MD 529 State Contribution. Do we enter this amount in the "Enter State Contribution to MD College 529 Plan Included in Federal Income" section?

Forum|Forum|6 years ago
January 28, 2020
1 reply
0 views

The wording is confusing, because the heading indicates "Federal Income" and the question does not. The contribution came from the state and directly into the 529 accounts.

TurboTax Premier Online

AmyC

Employee

Yes, the question is trying to say the the money is being taxed by the federal government but eligible for the MD credit.

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V

vzweinerAuthor

Thank You for your response. Let me rephrase my question about this.

According to the State of Maryland webpage,

"If you receive a State contribution for any Account in a given year, you are not eligible in that year for the income deduction on your State taxes for contributions that you made to that or any other College Investment Plan Account."

When entering the information on turbo tax, it does not give an option to go past the question about entering the amount of money put into the 529 account to not claim the tax break if MD has contributed to the account.

Thank You again!