CPA17
Level 2
01-29-2022
02:30 PM
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Hi!
Illinois gives deduction for contribution in 529 plan (10k for single payer). TP has contributed 10k and then withdrawn 10k for college fees in the same year.
Question is, should he get tax deduction for contributing 10k while preparing his IL-1040? What is the amount that goes into Sch. M, IL-10 for 529 plan contribution? 10K
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