Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

MD 529 plan contribution entry

wwjd
Level 2

I entered the contribution amount on line xa in form 502SU.  I thought it is up to $2,500 per contract but no matter how much I enter, the program subtract the whole amount instead of cutting the amount up to the limit.   Am I not supposed to enter the amount directly on line xa? And how do they know if I entered $5,000, that was for the one or two? I used supporting statement and put the names and the amount to show how many contracts. Am I doing it right?

0 Cheers
1 Best Answer

Accepted Solutions
dascpa
Level 11

ProSeries subtracts your data entry as it does not know how many account holders and how many beneficiaries.  Either keep an Excel type of worksheet for any carryovers or input a supporting worksheet to subtract out the carryovers, such as:

Account holder Jane, beneficiary Mary 222 contribution $10,000.  

Less: Carryover to 2023 -$7,500.

So then ProSeries will report the correct $2,500 max deduction per account holder, per beneficiary.

 

View solution in original post

3 Comments 3
dascpa
Level 11

ProSeries subtracts your data entry as it does not know how many account holders and how many beneficiaries.  Either keep an Excel type of worksheet for any carryovers or input a supporting worksheet to subtract out the carryovers, such as:

Account holder Jane, beneficiary Mary 222 contribution $10,000.  

Less: Carryover to 2023 -$7,500.

So then ProSeries will report the correct $2,500 max deduction per account holder, per beneficiary.

 

CoriG
Level 1

Which form do you use to enter MD 529 contribution for a Resident of MD? 

What line?

0 Cheers
CoriG
Level 1

To enter MD 529 contribution, go to MD state, form 502SU (Substructions from income0 on line XB

0 Cheers