If a taxpayer contributes to an Illinois 529 College Savings Program, a portion of the contribution may be eligible to be subtracted from income on the Illinois return. Contributions up to $10,000 per year are eligible for an Illinois 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 ProWeb, from the Illinois Return menu select:
- Additions and Subtractions to Income on Schedule M - Select Yes to completing the schedule.
- Schedule M Other Subtractions
- Contributions to "Bright Start" and "Bright Directions" College Savings Programs and "College Illinois" Prepaid Tuition Program - Enter the account number and the contribution amount, and also indicate if the contribution was a gift.
Additional Information:
Illinois State Tax Information
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