Questions & Answers

How do I report contributions to my 529 College Savings Plan?

You may subtract the amount you contributed to 529 College Savings Plans during 2019 up to a total of $2,000 ($4,000 if you're filing as Married Filing Jointly). If you are Married Filing Separately, either you or your spouse may take the subtraction, or you may divide it between you, but the total taken by both of you can't be more than $4,000.

If you contributed more than $2,000 ($4,000 if Married Filing Jointly) during the year, your total subtraction is still limited to $2,000 ($4,000 if Married Filing Jointly).

You may take a subtraction for any of the following situations:

  • Contribution that you made during 2019 to a plan that existed before 2019
  • Contribution that you made during 2019 to a plan established in another state
  • Contribution that you made during 2019 to any 529 plan, such as a plan established for a child, grandchild, niece, nephew, or any other person
You can't take a subtraction for an amount transferred from one college savings plan to a different college savings plan (a rollover).

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