Drake Tax - 1040: 529 Plan Deductions

Alabama 529

$5,000 Single/MFS, $10,000 MFJ

Resident: AL General Tab > Screen 2 >   Part 2 > Line 8

Nonresident: AL General Tab > Screen 4 > Part 2 > Line 5

AR 529 Gift Plan

$5,000 Single/MFS, $10,000 MFJ 

AR General Tab > Screen ADJ > Line 2

AZ 529 

$2,000 Single/MFS, $4,000 MFJ

AZ General Tab > Screen 2 > Line

34(Res)/41(PY) in Drake 19 and forward

Tuition Program

No Limit 

CO General Tab > Screen 2 > Line 10 in Drake22 (line 8 in Drake20 and Drake21). CO General Tab > Screen 2 > Line 6 in prior years. 

C.H.E.T. 

$5,000 Single/MFS, $10,000 MFJ

CT General Tab > Screen 2 > Line 48(RES)/50(NRPY) 

DC College Savings Plan

$4,000 Single/MFS, $8,000 MFJ

DC General Tab > Screen I > Calculation B > Line 6

GA Higher Education Plan

$4,000 Single/MFS, $8,000 MFJ

GA General Tab > Screen 3 > Line 9

College Savings Iowa, Iowa 529

Tax Year 24: $5,500 per Taxpayer (Primary and/or Spouse) for each beneficiary (student) account.

IA General Tab > Screen LN24 > Line G

IDeal - 529 College Savings Plan

$6,000 Single/MFS, $12,000 MFJ

ID General Tab > Screen 5 > Line 14 (Res)/9 (NR)

Bright Start, Bright Direction, College Illinois-----------------Invest in Kids Credit

$10,000 Single/MFS, $20,000 MFJ  

IL General Tab > Screens BRIG (Bright Start), BDIR (Bright Direction), or COIL (College Illinois) as applicable.

In prior years, screen M2 > Line 13a, 13b, 13c as applicable. 

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IL > Credits tab > screen 9913

College Choice 529 Direct Savings Plan 

This credit is limited to the lower 20% of contributions, or $1,000 on the tax liability of the taxpayer ($500 if filing MFS).  

IN >  Credits Tab > Screen CC40 >  Enter the College Code, Date of Contribution, and Amount Given for each contribution.

Learning Quest, Learning Quest Advisor, Schawb 529 Plan 

$3,000 Single/MFS, $6,000 MFJ 

Contributions: KS General Tab > Screen A > Line A14

Withdrawals: KS General Tab > Screen A > Line A6. ​

START Saving Program 

$2,400 Single/MFS, $4,800 MFJ 

LA General Tab > EH Screen > Code 09E

U.FUND 

$1,000 Single/MFS, $2,000 MFJ 

MA General Tab > Y screen (XY screen in prior years) > Line 18a (18 in prior years)

Maryland Prepaid College Trust, Maryland College Investment Plan

$2500 Per Account Per Year. Excess payments can be rolled over into the next year until they are used.

MD General Tab > SUB Screen > Line XA, XB, XC, XD depending on the account type. 

MiABLE

$5,000 Single/MFS, $10,000 MFJ 

MI General Tab > Screen 2 > Line 17

Minnesota 529 

$1,500 Single/MFS, $3,000 MFJ

MN Other Tab > Screen 529 > enter Trustee, Account Number, and Amount

MOST 

$8,000 Single/MFS, $16,000 MFJ

MO General Tab > Screen A > Line 12 

MACS, MPACT 

$10,000 Single/MFS, $20,000 MFJ

MS General Tab > Screen DED > Line 55/56 or 56/57 depending on the account type. 

Montana 529 

$3,000 Single/MFS, $6,000 MFJ 

MT General Tab > Screen SCH2 > Line 17

College SAVE

$5,000 Single/MFS, $10,000 MFJ 

ND General Tab > Screen ND1 > Line 12

NEST 529

$5,000 Single/MFS, $10,000 MFJ

**This deduction only applies to contributions from parents who are the account owner/s, or contributions made by the beneficiary.

NE Income Tab > Screen SCH1 > Line 16 or 17 depending on the account type.

New Mexico 529 

You can deduction the entirety of your contributions from your New Mexico income. 

NM General Tab > Screen ADJ > Line 14

New York 529 

$5,000 Single/MFS, $10,000 MFJ 

NY General Tab > Screen 6 > Line 10

Beginning in Drake 17 you can also have an amount from your refund directly deposited into this 529 account by going to the federal DD Screen > Selecting the link at the bottom of the page that states NY College 529 Plans > Entering all applicable details.

NJ > General tab > screen 2, line 37 for full year residents or screen 3, line 37 for part-year residents

Note that two other education deductions (not related to a 529 plan) are also available if applicable; see the instructions for details. 

Ohio College Advantage 529 Savings Plan

Contributions, including rollover contributions, to an Ohio 529 plan are deductible up to $4,000 per beneficiary (regardless of filing status). There is also an unlimited carryforward of excess contributions. 

OH General Tab > Screen 529 >   Enter details as applicable.

You can also have an amount from your refund directly deposited into this 529 account by going to the Federal DD Screen > Selecting the Link at the bottom of the page that states Ohio College 529 Plans > Entering all applicable details.

OCSP - Oklahoma 529 College Savings Plan

$10,000 Single/MFS, $20,000 MFJ

OK General Tab > Screen 4 > Line 4

Oregon ABLE Savings Plan

Oregon offers a $150 tax credit for single filers, and a $300 tax credit for joint filers. Contribution amounts needed to get the maximum credit depends on the AGI of the contributor. See the Oregon College Savings Plan FAQ for additional information.

OR General Tab > Screen SUB > Line 324 Note: This field is for allowable carryovers only starting in Drake21 (see the F1 field help for details). 

PA 529 College Savings Program

$15,000 Single/MFS, $30,000 MFJ 

PA General Tab > Screen O > Enter details of each contribution into PART I

CollegeBound

$500 Single/MFS, $1,000 MFJ

RI General Tab > Screen M > Line 1g 

Future Scholar

Future Scholar account contributions may be tax-deductible, up to the maximum account balance limit of $520,000 per beneficiary (or any lower limit under applicable law).

SC General Tab > Screen 2 > Line k/38

my529

(Formerly Utah Educational Savings Plan - UESP)

A Utah individual taxpayer (or trust) who is a my529 account owner may claim a Utah state income tax credit up to certain limits on contributions to his or her account or accounts. The maximum credit and deduction are reviewed each year and may be changed.

A Utah taxpayer may not claim Utah state tax benefits for a contribution made to an account for which he or she is not the account owner. See My529 Tax Advantages for more information.

UT General Tab > Screen 2 > Line 54

Virginia 529 

Taxpayers may deduction up to $4,000 per account, per year, with unlimited carryforward of excess contributions.

VA General Tab > Screen CSPD > Enter the contributions made to each account as applicable.

VHEIP - Vermont Higher Education Investment Plan

A state income tax credit of 10% of the first $2,500 contributed to VHEIP per beneficiary per tax year is available to any Vermont taxpayer (or, in the case of a married couple filing jointly, 10% of the first $5,000 contributed per beneficiary) – a tax credit worth up to $250 per beneficiary ($500 per beneficiary for married couples filing jointly).

VT Credits Tab > Screen HEC > Enter amounts as applicable.

WI 529 College Savings Program

$3,380 per beneficiary, regardless of filing status. Contributions in excess of $3,380 may be carried-forward to be applied in subsequent tax years.

WI General Tab > Screen CS > Complete Part 1 Section A with all applicable details.