Questions & Answers

What is the Indiana CollegeChoice 529 Education Savings Plan Credit?

You may be eligible for a credit if you (and/or your spouse) made a contribution during the year to a CollegeChoice 529 Investment Plan.

A 529 college savings plan is a reference to Section 529 of the Internal Revenue Code. Contributions to this type of plan are made on behalf of a beneficiary, and are to be used to pay qualified higher education expenses and/or Indiana K-12 tuition. While there are many 529 college savings plans available both in Indiana and nation-wide, only contributions made to the CollegeChoice 529 Investment Plan are eligible for the credit.

The CollegeChoice 529 Investment Plan is governed by the Indiana Education Savings Authority.

How may these contributions be used?
Contributions to this plan are made on behalf of a beneficiary, and are to be used to pay for:

  • Qualified higher education expenses, and/or
  • 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 IRS as a private school.
An eligible contribution will not include:
  • Contributions made to an account that will be transferred to an ABLE account
  • 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
  • Money transferred from any other qualified tuition program under Section 529 of the IRC or from any other similar plan
  • Qualified education loan repayments under Section 529(c)(9) of the IRC.

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