Submitted by mlsmall on 03-09-2021 01:59 PM
Lacerte is not allowing us to input separate contributions for the taxpayer and the spouse to be able to claim the correct deduction for MFJ taxpayers. The program is only allowing $2,500 per beneficiary instead of the allowed $2,500 per contributor per beneficiary.
|College Investment Plan of up to $2,500 per beneficiary per year by an individual, and up to $5,000 per beneficiary per year by married taxpayers filing jointly are deductible in computing Maryland taxable income, with a 10-year carryforward of excess contributions. Account owners and contributors are eligible for the deduction. Rollover contributions are deductible if not previously deducted. Contribution deadline is December 31 postmark.|
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