What if I contributed more than $2,000 per beneficiary this year? Can my excess contributions to the Ohio College Advantage 529 Savings Plan be carried over to next year?
Yes.
Qualifying amounts that you contributed ABOVE the $2,000 limitation may be deducted on future years' returns. These contributions that you carry over are still subject to the annual $2,000 per beneficiary limitation, and you may carry them over until all unused amounts have been deducted.
Married taxpayers may deduct up to a maximum of $2,000 per beneficiary whether their filing status is married filing jointly or married filing separately.
Qualifying amounts that you contributed ABOVE the $2,000 limitation may be deducted on future years' returns. These contributions that you carry over are still subject to the annual $2,000 per beneficiary limitation, and you may carry them over until all unused amounts have been deducted.
Married taxpayers may deduct up to a maximum of $2,000 per beneficiary whether their filing status is married filing jointly or married filing separately.
