Bert0611
Level 3
‎02-05-2022 02:10 PM

Taxpayer is owner of a Ohio 529 advantage plan.

He made $6000 in contributions during 2021.  Maximum contribution for a deduction is $4000.

Can he and spouse each take $3000 to maximize benefit?  Or do they each need to own their own accounts?

Thans

0 Cheers
sjrcpa
Level 15
‎02-05-2022 04:14 PM

@TAXOH  ?


The more I know the more I don’t know.
TAXOH
Level 11
‎02-05-2022 04:36 PM

@sjrcpa Thanks for tagging me.

@Bert0611 I have never come across that situation and I'm sorry I don't know the correct answer and I don't want to give you the wrong answer/

Terry53029
Level 15
Level 15
‎02-05-2022 04:59 PM

Taxpayers can deduct contributions they made to an Ohio 529 (College Advantage) savings plan. This deduction is limited to $4,000* per beneficiary per year. The deduction is not limited to the savings plan owner or beneficiary. Instead, any taxpayer who makes a contribution is entitled to the deduction. Taxpayers may not deduct:

Married taxpayers may deduct up to a maximum of $4,000 per beneficiary whether their filing status is married filing jointly or married filing separately.