How much can I contribute to an Indiana 529 plan?

Who can contribute to a 529? Any number of people can contribute to the same CollegeChoice 529 account, but total contributions cannot exceed $450,000 for all accounts for the same beneficiary in 529 plans sponsored by the State of Indiana.

Does Indiana have an education tax credit?

A. You may be eligible for a 20% state tax credit, up to a maximum of $1,000, for contributions to Indiana’s CollegeChoice 529 Savings Plan.

How much can you contribute to a 529 plan in 2021 in Indiana?

Individuals may contribute as much as $80,000 to a 529 plan in 2021 if they treat the contribution as if it were spread over a 5-year period. The 5-year election must be reported on Form 709 for each of the five years.

How much does it cost to open a 529 account in Indiana?

Open an account for as little as $10 and make additional contributions of $10. High maximums. Contribute up to a total of $450,000 per beneficiary for accounts in all 529 plans sponsored by the State of Indiana.

What is Indiana college credit?

College Credit. Details. If you donated money or property to an Indiana college or university, you may be able to take a credit. For an individual filing a single return, the credit is the lesser of one-half of the amount contributed, or $100.

What is the newest 529 plan in Indiana?

The newest Indiana 529 plan is the CollegeChoice CD, which offers FDIC-insured savings options. Consumer plans fall under three categories: direct-sold, unit-type prepaid, and contract-type prepaid.

What is a 529 savings plan?

These are tax-advantaged savings plans sponsored by states, state agencies, or educational institutions and authorized by Section 529 of the Internal Revenue Code. Indiana’s CollegeChoice 529 Savings Plans offer additional benefits, including tax credits for contributors to the funds.

When was the last time Indiana form in-529 was updated?

We last updated Indiana Form IN-529 from the Department of Revenue in January 2022. Form IN-529 is an Indiana Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability.