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.
Help with Illinois 529 and State tax deduction
Re: Help with Illinois 529 and State tax deduction
For 2011, see Line 12 of Illinois Schedule M.
Re: Help with Illinois 529 and State tax deduction
Duh! Like I said, it's probably incredibly obvious.
I hope this isn't the dumbest post (but I'm sure it ranks up there).
I hope this isn't the dumbest post (but I'm sure it ranks up there).
- Steelersfan
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- Joined: Thu Jun 19, 2008 8:47 pm
Re: Help with Illinois 529 and State tax deduction
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.
Not even close.
I'm glad you got the advice you need.
This forum is especially good for that.
Stop back again some time.