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VA 529 plan deduction

jboring
Level 1

VA client, under age 70, with a child, contributed $4500 to one plan; $1200 to another plan and $1200 to another plan.  Is the deduction limited to $4,000 or $4,000 + $1200 + $1200 = $6400?  If $6400 how do you show the $500 carryover? 

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2 Comments 2
rbynaker
Level 13

The limit is $4,000 for each account.  So sounds like $6,400 in your case.  I don't know Lacerte but maybe @sjrcpa can help.

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sjrcpa
Level 15

Enter the information for all 3 accounts. The software will apply the limit and carry it over.


Ex-AllStar