Contributions to a Colorado CollegeInvest 529 plan can be subtracted from income on the Colorado individual income tax return.
The amount a taxpayer can subtract is limited. The limitation applies with respect to each beneficiary for whom the taxpayer makes qualifying contributions and depends in part on whether the taxpayer files their return as a joint or single filer. For taxpayers filing a joint return, the limitation applies jointly, rather than separately. If the taxpayer makes contributions to both a qualified state tuition program and a qualified ABLE program for the same beneficiary during the tax year, the aggregate subtraction the taxpayer can claim for these contributions is subject to the limitation. See the Form DR 0104 instructions for the current year's contribution limitation.
To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the Colorado Return menu select:
- Subtractions from Income
- CollegeInvest Contribution - Enter the contribution that the taxpayer made to the plan during the tax year along with the account holder's name and SSN or ITIN.
If joint filers each made contributions, make a separate entry for each spouse.
Additional Information:
Colorado State Tax Information
Colorado DOR: Income Tax Topics - CollegeInvest Contribution Subtraction
Colorado CollegeInvest 529 Plan FAQ
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