Help with Illinois 529 and State tax deduction

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Topic Author
agill99
Posts: 15
Joined: Wed Aug 01, 2012 5:03 pm

Help with Illinois 529 and State tax deduction

Post by agill99 »

I know that there have been some good discussions about the Illinois 529 plan and its state income tax benefits (http://www.bogleheads.org/forum/search. ... linois+529), and I agree that the Illinois 529 program has a great selection of Vanguard funds and is a great savings plan.

But my problem/question is how do you take the deductions on the state income tax forms?

Everything I’ve read (including the Wiki-page and http://www.brightstartsavings.com) provide information about the $10k deduction (or $20k if filing jointly), but there is no place on the IL 1040 to actually take the deduction. The instructions only have 2 references to 529 plans (one for earning distributions and the other to apply your refund to your plan). Also, IL Schedule M (the form for “other additions and subtractions”) only has a place to account for earnings distributions.

I’ve asked tax preparers and no one seems to know how to take the deduction. Maybe I am overlooking something extremely obvious, but this is more than a little frustrating.

Thanks in advance for the help.
jared
Posts: 554
Joined: Sun Jul 06, 2008 11:57 pm

Re: Help with Illinois 529 and State tax deduction

Post by jared »

For 2011, see Line 12 of Illinois Schedule M.
Topic Author
agill99
Posts: 15
Joined: Wed Aug 01, 2012 5:03 pm

Re: Help with Illinois 529 and State tax deduction

Post by agill99 »

Duh! :oops: Like I said, it's probably incredibly obvious.

I hope this isn't the dumbest post (but I'm sure it ranks up there).
User avatar
Steelersfan
Posts: 4129
Joined: Thu Jun 19, 2008 8:47 pm

Re: Help with Illinois 529 and State tax deduction

Post by Steelersfan »

Dumbest post?

Not even close.

I'm glad you got the advice you need.

This forum is especially good for that.

Stop back again some time.
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