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Category: Indiana

Indiana's CollegeChoice 529 Education Savings Plan Credit

You may be eligible for a credit if you made contributions to Indiana’s CollegeChoice 529 education savings plan. While there are many 529 college savings plans available both in Indiana and nation-wide, only contributions made to this specific CollegeChoice 529 Education Savings Plan are eligible for this credit.

For more information about this credit, please see Income Tax Information Bulletin #98. This plan is administered through the Indiana Education Savings Authority. For additional information on the Indiana CollegeChoice 529 Education Savings Plan, please click here.

See Schedule IN-529 to assist with figuring your allowable credit. This schedule must be enclosed when claiming the credit. TaxSlayer will provide this schedule when the credit has been claimed within your Indiana state return.

Recapture of Indiana's CollegeChoice 529 Education Savings Plan Credit

If you made a non-qualified withdrawal(s) from this plan, you will probably have to repay some or all of any credits previously claimed. Withdrawals made for higher education expenses tend to be qualified withdrawals. Other withdrawals may fall under the category of "non-qualified". The above links for Income Tax Information Bulletin #98 and Schedule IN-529R will assist in figuring any amount to be recaptured.