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How to rapidly redact Indiana's CollegeChoice 529 Education Savings Plan Credit online
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529 gift tax contribution limits In 2023, you can gift up to $17,000 (or if youre married and file taxes jointly, up to $34,000) per recipient without those contributions counting toward your lifetime gift tax exemption.
What is the 529 contribution credit in Indiana?
CollegeChoice 529 offers: A special Indiana tax credit. Indiana taxpayers can get a state income tax credit equal to 20% of their contributions to a CollegeChoice 529 account, up to $1,500 per year ($750 for married filing separately).
What is the 529 credit for 2023 in Indiana?
Apart from technical, nonsubstantive changes, this bulletin has been revised to reflect that beginning with the 2023 tax year, the credit limit increases to $1,500 (or $750 for married individuals filing separate returns) and to reflect that contributors can elect to treat certain contributions made on or before the
What is the tax credit for college tuition in Indiana?
Beginning January 1, 2023, the maximum increases to $1,500 ($750 for married filing separately).
What is the cutoff date for 529 contributions Indiana?
For electronic contributions, we will generally treat contributions received by us in a given year as having been made in that year if you initiate them on or before 11:59 p.m. Eastern Time on December 31 of that year and the funds are successfully deducted from your checking or savings account at another financial
Do you get a tax credit for contributing to a 529 plan?
At a glance 529 contributions are tax deductible on the state level in some states. They are not tax deductible on the federal level. But if youre saving for college, youll want to know that 529 savings plans offer other tax benefits, such as tax-free earnings growth and tax-free withdrawals for qualified expenses.
Do you get a tax credit for contributing to a 529 plan?
At a glance 529 contributions are tax deductible on the state level in some states. They are not tax deductible on the federal level. But if youre saving for college, youll want to know that 529 savings plans offer other tax benefits, such as tax-free earnings growth and tax-free withdrawals for qualified expenses.
What is the credit limit for a 529 in Indiana?
Indiana taxpayers making contributions to a CollegeChoice 529 account now qualify for a 20% tax credit on up to $1500 ($750 for married filing separately). This is a $500 increase ($250 for married filing separately) from contributions made in 2022.
Related links
Treasurer: IESA: Tax Credit
Additionally, Indiana taxpayers who contribute to a CollegeChoice 529 account may be eligible for a 20% state income tax credit of up to $1,500 each year ($750
Choosing a Plan: 529 College Savings Plans: Indiana University
Indianas CollegeChoice 529 plan gives Indiana residents a state income tax credit of up to $1,000 per year. Find the plan that works for you. Not interested in
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