davetodd11
Level 5

My client contributes to Virginia 529 prepaid tuition plans for two grandchildren.  According to Virginia Dept of Tax, "Virginia Code § 58.1-322.03 7 a allows a deduction to the purchaser or contributor for the amount paid or contributed during the taxable year for a prepaid tuition contract or savings trust account entered into with the Virginia College Savings Plan. Generally, the amount deducted on any individual income tax return in any taxable year is limited to $4,000 per prepaid tuition contract or savings trust account."

However, I'm not finding anywhere in ProSeries to claim the contributions credit.  The only thing I see that's close is the 529 Contribution worksheet, but that one only allows contributions of overpayments available on the tax return.  Since the client is not receiving a refund from Virginia, the program is not allowing any amount to be claimed on that worksheet.

I thought maybe this would be done on the Other Subtractions Statement, but that one only has a line for plan distributions.

Where do I enter 529 plan contributions on the Virginia Form 760?

0 Cheers