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 Desktop program, from the main menu of the Colorado return, select:
- Subtractions from Federal Taxable Income
- CollegeInvest Contribution - Select New - 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.
Additional Information:
Colorado State Tax Information
Colorado CollegeInvest 529 Plan FAQ
Article last reviewed 8/11/2021