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
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.
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