If a taxpayer contributes to a Colorado CollegeInvest 529 plan, the contribution can be subtracted from income on the Colorado return to the extent that it was included in income on the Federal return. The contribution must have been included on the taxpayer's federal income tax return and calculated as part of federal taxable income.
To enter the deductible portion of the contributions that were made in the Colorado individual tax return in TaxSlayer Pro, from the Colorado Tax Return menu select:
- Subtractions from Federal Taxable Income
- CollegeInvest Contribution - Click New and enter the account holder information and the deductible amount of the contribution that the taxpayer made to the plan. For married filing joint filers, add a separate entry for the spouse if applicable.
Additional Information: