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J
jboring
Level 1
March 17, 2021
Question

VA 529 plan deduction

  • March 17, 2021
  • 1 reply
  • 12 views

VA client, under age 70, with a child, contributed $4500 to one plan; $1200 to another plan and $1200 to another plan.  Is the deduction limited to $4,000 or $4,000 + $1200 + $1200 = $6400?  If $6400 how do you show the $500 carryover? 

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1 reply

rbynaker
rbynaker
Level 13
March 17, 2021

The limit is $4,000 for each account.  So sounds like $6,400 in your case.  I don't know Lacerte but maybe @sjrcpa can help.

sjrcpa
sjrcpa
Level 15
March 17, 2021

Enter the information for all 3 accounts. The software will apply the limit and carry it over.

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