Indiana Indiana's CollegeChoice 529 Education Savings Plan Credit
Extracted from PDF file 2020-indiana-form-in-529.pdf, last modified May 2020
Indiana's CollegeChoice 529 Education Savings Plan CreditSchedule IN-529 Form IT-40/IT-40PNR State Form 53385 (R14 / 9-20) Schedule IN-529: Indiana’s CollegeChoice 529 Education Savings Plan Credit Name(s) shown on Form IT-40/IT-40PNR 2020 Enclosure Sequence No. 10 Your Social Security Number Enter information about contributions made by you and/or your spouse to Indiana’s CollegeChoice 529 Education Savings Plan(s) during 2020. Column A Place “X” in box if you or your spouse do not own the account. Column B Enter Account # Column C Column D Higher Education. Enter the amount contributed this year to offset current or future higher education expenses. K-12 Education. Enter the amount contributed this year to offset current or future K-12 education expenses. 1. .00 .00 2. .00 .00 3. .00 .00 4. .00 .00 5. .00 .00 6. .00 .00 7. .00 .00 8. .00 .00 9. .00 .00 10. Add lines 1C through 9C______________________ .00 11. Add lines 1D through 9D________________________________________________________ .00 12. Add lines 10 and 11___________________________________________________________ .00 13. Multiply line 12 by .20__________________________________________________________ .00 14. Enter the lesser of the amount on line 13, 1000, or 500 if married filing separately___________ .00 15. Enter the amount from Form IT-40 or Form IT-40PNR, line 8___________________________ .00 16. Allowable credit. Enter the lesser of line 14 or line 15. Also enter under line 6 of Schedule 6 (if filing Form IT-40), or under line 6 of Schedule G (if filing Form IT-40PNR) Total Credit *17020111694* 17020111694 .00 Instructions for Schedule IN-529 You may be eligible for a credit if you and/or your spouse made a contribution to Indiana’s CollegeChoice 529 Investment Plan. NEW7KH¿UVW\HDUWREHHOLJLEOHWRFODLPWKLVFUHGLWZKHQ¿OLQJDV PDUULHG¿OLQJVHSDUDWHO\0)6LV,I¿OLQJ0)6HDFKVSRXVH can claim a maximum credit up to $500 of each spouse’s own contribution or 20% of each spouse’s own contribution, whichever is less. See instructions for line 14. While there are many 529 savings plans available both in Indiana and nation-wide, only contributions made to the Indiana CollegeChoice 529 Investment Plan are eligible for this credit. This plan is governed by the Indiana Education Savings Authority. To determine if your contribution is to a plan that is eligible for this credit, visit their Web site at www.in.gov/iesa. Who may claim this credit? This credit is available: x 7RDQLQGLYLGXDO¿OLQJDVLQJOHWD[UHWXUQ x 7RDPDUULHGFRXSOH¿OLQJDMRLQWWD[UHWXUQ x 7RDPDUULHGFRXSOH¿OLQJVHSDUDWHWD[UHWXUQV How may these contributions be used? &RQWULEXWLRQVWRWKLVSODQDUHPDGHRQEHKDOIRIDEHQH¿FLDU\ and are to be used to pay for: x 4XDOL¿HGKLJKHUHGXFDWLRQH[SHQVHVDQGRU x Indiana K-12 tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school located in Indiana. Note: A private school includes a homeschool recognized by the Internal Revenue Service as a private school. An eligible contribution will not include: x Contributions made to an account that will be transferred to an ABLE account x Money credited to an account as a result of bonus points or other forms of consideration earned by the taxpayer that result in a transfer of money to the account x 0RQH\WUDQVIHUUHGIURPDQ\RWKHUTXDOL¿HGWXLWLRQSURJUDP under Section 529 of the Internal Revenue Code or from any other similar plan x 4XDOL¿HGHGXFDWLRQORDQUHSD\PHQWVXQGHU6HFWLRQF of the Internal Revenue Code :KRPXVW¿OH6FKHGXOH,1" $Q\RQHZKRPDNHVDFRQWULEXWLRQWRDTXDOL¿HGSODQDQGFODLPV WKLVFUHGLWPXVWLQFOXGH6FKHGXOH,1ZKHQ¿OLQJWKHLUWD[ return. Account owner. The account owner is the individual or entity (such as a trust, estate, partnership, etc.) who has the right to VHOHFWRUFKDQJHDEHQH¿FLDU\DQGWRFRQWUROWKHGLVWULEXWLRQRI the funds. Contribution.$FDVKGHSRVLWPDGHIRUWKHEHQH¿WRIWKHDFFRXQW EHQH¿FLDU\ Important. <RXPXVWFRPSOHWHWKH¿UVWOLQHVRI\RXU,QGLDQD state tax return, Form IT-40 or Form IT-40PNR, before you can complete this schedule. Lines 1 – 9 Instructions Column A Check the box if you/your spouse made a contribution to an account you do not own. If you/your spouse are the account owner, do not check the box. Example 1. -RKQRSHQHGDTXDOL¿HGCollegeChoice 529 Investment Plan for his son Nate, and is the account owner. John’s mother (Nate’s grandmother) made a contribution to the plan John established. She will claim a credit based on her contribution, and will check the box in Column A because she is not the account owner (John is). Column B (QWHUWKHDFFRXQWQXPEHURIHDFKTXDOL¿HGDFFRXQWWRZKLFK\RX your spouse made a contribution. The account numbers may be: x 11 digits long, and begin with “61” or “62”, x 10 digits long, and begin with “200”, “201”, “208” or “209”, and/or x 16 digits long, starting with “200” or “201”. Note. Attach additional sheets if you contributed to more than nine TXDOL¿HGSODQV Column C – Higher Education Contributions On each line enter the total annual contribution you/your spouse made during the year to each account for purposes of paying for TXDOL¿HGKLJKHUHGXFDWLRQH[SHQVHV Example 2. John contributed $7,200 to his account during the \HDUWRKHOSSD\IRUTXDOL¿HGKLJKHUHGXFDWLRQH[SHQVHV+HZLOO enter $7,200 in Column C on the same line matching the account number (in Column B). Column D – K-12 Education Contributions On each line enter the total annual contribution you/your spouse made during the year to each account for purposes of paying for K-12 tuition. Example 3. Maria made a $600 contribution to the CollegeChoice 529 Investment Plan account set up by her son for her granddaughter. She is making this contribution to help pay for her granddaughter’s K-12 tuition. She checked the box in Column A because she is not the account owner. She listed the account number in Column B, and reported the $600 contribution in Column D. Combination of higher education and K-12 education contributions to same account – It is acceptable to use one account to make contributions for both levels of education. Example 4. Micah opened a CollegeChoice 529 Investment Plan account for his nephew when he was born four years ago. This year he contributed $800 to this account for higher education and $300 for K-12 education. He entered the account number on line 1, Column B, the $800 higher education contribution in Column C, and the $300 K-12 education contribution in Column D. 24100000000 Lines 10 – 16 instructions Line 10 – Add amounts on lines 1 – 9 in Column C. Line 11 – Add amounts on lines 1 – 9 in Column D. Line 12 – Add lines 10 and 11. Line 13 – Multiply line 12 by 20% (.20). Line 14 – Enter the lesser of the amount on line 13, $1,000, or LIPDUULHG¿OLQJVHSDUDWHO\0)6 Example 5-XVWLQDQG-LOODUH¿OLQJDVPDUULHG¿OLQJMRLQWO\ They made a $7,000 total contribution to their child’s plan. They will enter $1,000 on line 13 ($7,000 X 20% = $1,400, further limited to $1,000 for MFJ). Example 6&ROHDQG/DXUHQDUH¿OLQJDVPDUULHG¿OLQJ separately. Cole contributed $4,000 to their child’s plan. Cole will enter $500 on line 14 ($4,000 X 20% = $800, further limited to $500 for MFS). Lauren did not make any contribution to the plan this year, so she will not be claiming a credit on her return. Line 15±(QWHUWKHVWDWHDGMXVWHGJURVVLQFRPHWD[IURPOLQHRI Form IT-40 or Form IT-40PNR. Line 16 – Enter the lesser of line 14 or line 15. Also enter under OLQHRQ6FKHGXOHLI¿OLQJ)RUP,7RUXQGHUOLQHRQ 6FKHGXOH*LI¿OLQJ)RUP,7315 Use of credit. Any unused credit is not eligible for carryback or carryforward; nor may it be sold, assigned, or transferred to anyone else. Get Information Bulletin 98 at www.in.gov/dor/3650.htm for more information about this credit.
More about the Indiana Form IN-529 Individual Income Tax Tax Credit TY 2020
We last updated the Indiana's CollegeChoice 529 Education Savings Plan Credit in January 2021, so this is the latest version of Form IN-529, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IN-529 directly from TaxFormFinder. You can print other Indiana tax forms here.
Related Indiana Individual Income Tax Forms:
|Form Code||Form Name|
|Form IN-529R||Recapture of Indiana's CollegeChoice 529 Education Savings Plan Credit (OBSOLETE)|
Indiana usually releases forms for the current tax year between January and April. We last updated Indiana Form IN-529 from the Department of Revenue in January 2021.
Form IN-529 is an Indiana Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Indiana Form IN-529
We have a total of ten past-year versions of Form IN-529 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Indiana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.