WebYou contributed to any state-sponsored section 529 college savings plan, including prepaid tuition plans. ... You may claim this subtraction for your contributions to any qualifying account regardless of the owner or beneficiary. ... Mail your tax questions to: Minnesota Department of Revenue Mail Station 5510 600 N. Robert Street WebFeb 17, 2024 · Get Your Tax Record; Apply for an Employer ID Number (EIN) Check Your Amended Return Status; Get an Identity Protection PIN (IP PIN) File Your Taxes for Free ... Payments from Qualified Education Programs (Under Sections 529 and 530) About Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) …
Education Credits: Questions and Answers Internal Revenue Service
WebThe last few year's I have purposefully over withheld on my state taxes to guarantee a refund. I have withheld an additional $60 per month and got roughly a $650 state refund last year. This year, I'm trying to take advantage of Indiana's $1,500 non-refundable tax credit from contributions made to a 529 plan. WebFeb 8, 2024 · The IRS only allows you to claim the education credit if the student is being claimed as a dependent on your tax return. Therefore, if the student is being claimed as a dependent on the parent’s tax return, then the parents are the only ones eligible for the education credit. This is true regardless of who actually paid the expenses. philly dirt bike horde
How to Claim Your Virginia State Tax 529 Contribution Deduction
WebMar 28, 2024 · In most states that offer tax benefits, anyone who contributes to a 529 plan can get a state income tax deduction. In 10 states, however, only the plan account owner can claim a tax benefit. Visit our tax benefits by state page to see if you can deduct your contribution. Some distributions need to be reported. If you took distributions from a ... WebMy daughter is an undergraduate at a university. One of our relatives pays her tuition. The "2024 IRS 1098-T Instructions" say "the person who can claim you [my daughter] as a dependent, may be able to claim an education credit on Form 1040..." What education credit might I be able to claim? WebNov 14, 2024 · Box 1 of the 1099-Q is $5000. Box 2 is $2800. 3000/5000=60% of the earnings are tax free; 40% are taxable. 40% x 2800= $1120. The student has $1120 of … philly dinner spots