If a taxpayer contributes to a Maryland 529 College Investment Plan, a portion of the contribution can be subtracted from income on the Maryland return. For the 2024 tax year, contributions up to $2,500 per year, per beneficiary, are eligible for a Maryland state income tax deduction for those filing a single return; and $5,000 per year, per beneficiary, for those filling a joint return.
To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the main menu of the Maryland return, select:
- Subtractions from Income
- Other Subtractions - Select XA or XB, whichever applies and enter the deductible amount of the contribution that the taxpayer made to the plan. For a couple filing jointly, combine the total contributions made by each spouse.
Note: If the contribution amount was more than the deductible limit, do not enter more than $2,500 ($5,000 if both taxpayer and spouse contributed) per beneficiary.
Additional Information:
Maryland State Tax Information
Maryland 529 College Investment Plan Information
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