Where to enter 529 contributions for colorado, I cannot get back to that page

Forum|Forum|3 years ago
March 18, 2023
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TurboTax Premier Online

ErnieS0

Enter your Colorado 529 deduction on the screen “Here's the income that Colorado handles differently” in the Colorado section of TurboTax.

Then select 529 CollegeInvest Program Contributions.

To qualify for this Colorado subtraction, the plan must be administered by CollegeInvest. Your contribution must be included in your federal taxable income.

Here are some plans that qualify:
- Direct Portfolio College Savings Plan
- Scholars Choice College Savings Program
- Stable Value Plus College Savings Plan
- Smart Choice College Savings Plan

Contact CollegeInvest at www.collegeinvest.org or call 1-800-448-2424 for information on the plans that they offer.

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cn944

Employee

What exactly does "Your contribution must be included in your federal taxable income." mean?? I'm retired and contributing to a 529 for my grandson.

JamesG1

Contributions to a 529 plan are not deductible and do not have to be reported on federal income tax returns. This IRS website states:

You can't deduct either payments or contributions to a Qualified Tuition Program (QTP).

Investment earnings in the account are not reportable until the year they are withdrawn. Distributions will be reported on IRS form 1099-Q.

Some states may allow you to deduct all or part of your 529 plan contributions.

Where are you seeing "Your contribution must be included in your federal taxable income."? Please clarify.

@cn944

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ehuerta

I ran into the same issue today. The best place to enter Colorado 529 contributions is in the "Income" portion of the "State Returns" section, under "Education", It took me a while to find it, I hope this saves someone else some time.

rrajaram

You can enter that in the state tax income section - > 529 college invest contribution section