If a taxpayer contributes to an Iowa 529 college savings plan, a portion of the contribution can be subtracted from income on the Iowa state tax return.
Contributions up to $3,439 per year, per beneficiary are eligible for an Iowa state income tax deduction.
To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the main menu of the Iowa return, select:
- Subtractions from Income
- Other Adjustments
- Add Other Adjustment - Enter the amount of the contribution. Do not enter more than $3,349 per beneficiary. Specify the owner of the account and select College Savings Iowa from the Adjustment Type dropdown menu.
Additional Information: