Does Illinois have a state tax deduction for 529 contributions?

Contributions to an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income.

What 529 plans are deductible in Illinois?

You are allowed to subtract up to $10,000 in contributions if you are single and $20,000 if you are married filing a joint return for contributions you made to the “Bright Start” program, the “College Illinois” Illinois Prepaid Tuition Trust Fund, or the “Bright Directions” program during the tax year.

Where do I deduct 529 contributions in Illinois?

Schedule M Other Subtractions. Contributions to “Bright Start” and “Bright Directions” College Savings Programs and “College Illinois” Prepaid Tuition Program. Add Contribution – Enter the Account Number and the Contribution Amount.

Are 529 plans State deductible?

In the majority of states, the full amount or a portion of a taxpayer’s 529 plan contribution is deductible in computing state income tax.

Can a grandparent contribute to a 529 plan and claim a tax deduction in Illinois?

Yes, 529 plans accept third-party contributions, so a grandparent may contribute to a grandchild’s 529 plan account, regardless of who owns the account.

What is the name of Illinois 529 plan?

Illinois has two 529 college savings plans, as well as a prepaid tuition program. The direct-sold Bright Start College Savings Program and the Bright Directions Advisor-Guided 529 College Savings Program are managed by Union Bank & Trust.

What states allow deduction of 529 contributions?

States with Income Tax Deductions or Credits for 529 Plan Contributions

• Texas.
• Alaska.
• Tennessee.
• Nevada.
• Florida.
• Washington.
• New Hampshire.
• Wyoming.