If a taxpayer contributes to a Massachusetts 529 college plan, a portion of the contribution can be subtracted from income on the Massachusetts state tax return.
Contributions up to $1,000 per year are eligible for a Massachusetts state income tax deduction for those filing a single return, and $2,000 per year for those filing a joint return.
To enter the deductible portion of the contributions in TaxSlayer ProWeb, from the Massachusetts Return menu select:
- Deductions
- Prepaid Tuition or College Savings Plan Deduction - Enter the deductible amount of the contribution that the taxpayer and spouse, if applicable, made to the plan, but not more than $2,000 for MFJ filers and $1,000 for all others.
Additional Information:
Massachusetts State Tax Information
Massachusetts 529 College Savings Plan
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