If a taxpayer contributes to a MACS 529 college plan, they may be eligible for a subtraction from income.
Contributions of up to $10,000 per year are eligible for a Mississippi state income tax deduction for those filing a single return; and up to $20,000 per year for those filling a joint return.
To enter the deductible portion of the contributions in TaxSlayer Pro, from the Mississippi Return menu select:
- Adjustments to Gross Income
- MS Affordable College Savings - Enter the amount of the contribution but not more than $10,000 for single filers or $20,000 for MFJ filers.
Additional Information:
Mississippi State Tax Information
Mississippi MACS Frequently Asked Questions
While TaxSlayer Pro strives to make the information and links contained on this page as timely and accurate as possible, TaxSlayer Pro makes no promise or guarantee about the timeliness, accuracy or completeness of the contents of this page. The information contained on this page is for general information and is not intended to be tax advice. The user is also encouraged to review the underlying state resources and publications.