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.
Desktop – To enter the deductible portion of the contributions that were made in the Desktop program, from the main menu of the Mississippi return, select:
- Adjustments to Gross Income
- MS Affordable College Savings - Do not enter more than $10,000 for single filers or $20,000 for MFJ filers.
ProWeb – To enter the deductible portion of the contributions that were made in the ProWeb program, from the main menu of the Mississippi return, select:
- Subtractions from Income
- Affordable College Savings (MACS) contributions - Do not enter more than $10,000 for single filers or $20,000 for MFJ filers.
Additional Information: