Questions & Answers

What if I contributed more than $4,000 per beneficiary this year? Can my excess contributions to the Ohio CollegeAdvantage 529 Savings Plan be carried over to next year?

Yes.

Qualifying amounts that you contributed ABOVE the $4,000 limitation may be deducted on future years' returns. These contributions that you carry over are still subject to the annual $4,000 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 $4,000 per beneficiary whether their filing status is Married Filing Jointly or Married Filing Separately.

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