How do I deduct my 529 contributions?

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How do I deduct my 529 contributions?

I live in the State of Virignia... according to the State I get upto a 2000.00/year deduction for contributions made to my daughter's 529 plan. I am using Turbo Tax, and for the life of me I can't find what IRS form I am supposed to fill out to enter my 2006 contributions to this account.

2007-02-02 15:27:29 · 2 answers · asked by DoorWay 3 in Business & Finance ➔ Taxes ➔ United States

2 answers

http://www.tax.virginia.gov/Web_PDFs/indForms/currentyear/760_Instr.pdf

Go down to page 23, item 33

It goes on Virginia schedule ADJ line 6b-6d

2007-02-02 16:27:41 · answer #1 · answered by jeff410 7 · 0⤊ 0⤋

529 contributions are never deductible on your federal return. What you are referring to is being able to deduct the 529 contribution on your Virginia return (NY is the same way).

2007-02-02 15:36:28 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋