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Can Contributions to a Tuition Program be Deducted?

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Question
Can Contributions to a Tuition Program be Deducted?

Answer

CollegeInvest Contribution

Contributions to CollegeInvest can be deducted from your return. The contribution must have been included on your federal income tax return and calculated as part of your federal taxable income. We recommend that you read publication FYI Income 44 if this applies to you.

The three fields on line 6 should be left blank if the taxpayer and/or spouse are the CollegeInvest account owners who set up the account for the student beneficiary. If you are not the account owner (e.g. grandparent, friend,) complete the three additional fields. To report contributions to more than one account, you must file electronically. Do not deduct contributions made to a tuition savings plan for another state or any tuition you paid while attending school.


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Article Details
Views: 903 Created on: Jun 15, 2013
Date updated: Dec 26, 2018
Posted in: States, Colorado

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