If a taxpayer contributes to a Rhode Island College Bound Saver plan they may be eligible for a subtraction from income on their Rhode Island tax return.
The maximum deduction is $500 ($1,000 if a joint return) regardless of the number of accounts.
To enter the deductible portion of the contributions that were made in the Desktop program, from the main menu of the Rhode Island return, select:
- RI Taxable Income
- Modifications to Federal AGI
- Total Modifications Decreasing Federal AGI
- Tuition Savings Program Contributions
Additional Information: