If a taxpayer contributes to an Alabama 529 College Savings plan, a portion of the contribution can be subtracted from income on the Alabama return. Contributions up to $5,000 per year are eligible for an Alabama state income tax deduction for those filing a single return, and up to $10,000 per year for those filling a joint return.
To enter the deductible portion of the contributions in the Alabama individual tax return in TaxSlayer Pro, from the Alabama Return Menu select:
- Total Adjustments to Income
- Payments to AL PACT or College Education Savings - Enter the contribution amount but nor more than $5,000 ($10,000 for joint filers). Joint filers enter the amount as a combined total.
Additional Information:
CollegeCounts Alabama's 529 Fund
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