WebYou may be eligible for a 20% state tax credit, up to a maximum of $1,500 ($750 for married filing separately) for contributions to Indiana’s CollegeChoice 529 Savings Plan. While there are many 529 college savings plans available both in Indiana and nation-wide, only … Web154. 2024 IT-40 Income Tax Form. Important. When filing, you must include Schedules 3, 7, and CT-40, along with Form IT-40. You must include Schedules 1 (add-backs), 2 (deductions), 5 (credits, such as Indiana withholding), 6 (offset credits) and IN-DEP (dependent information) if you have entries on those schedules. 09/22.
Frequently Asked Questions CollegeChoice 529
Web4 feb. 2024 · Contributing to a 529 plan lets grandparents or other contributors reduce the size of their taxable estate while helping them fund a grandchild’s or family member’s education. It’s even possible to make five years worth of contributions in a single year, up to $75,000 (or $150,000 for married couples) and still get the gift tax exclusion. Web3 mrt. 2012 · Indiana taxpayers can get a state income tax credit equal to 20% of their contributions to a CollegeChoice 529 account, up to $1,000 per year ($500 for married filing separately). 1 Information Bulletin #98 provides an overview of the Tax Credit with respect to College Choice 529, detailing who qualifies, the amounts, eligible contributions, and … hitman virus prototype
DOR: 2024 Individual Income Tax Forms - in.gov
WebIf your state is one of those states that has a 529 plan deduction, TurboTax will prompt you to enter your 529 contributions when you get to the credits/deductions portion of your state tax interview. Answers are correct to the best of my ability but do not constitute legal or tax advice. **If this post is helpful please click on "thumbs up"**. 1. Web21 okt. 2024 · Taxpayers in Indiana who contribute to the state's CollegeChoice 529 Savings Plan can get the lesser of a tax credit on 20% back on their contribution or a … Web18 jun. 2014 · Yes, grandparents can claim the deduction for contributing to a 529 if they live in one of the 34 states that offer a state income tax deduction for 529 college … hitman villains