Pennsylvania taxpayers can deduct up to $15,000 in contributions to 529 plans per beneficiary per year, or $30,000 if married filing jointly, assuming each spouse has an income of at least $15,000. You can also send state income tax refunds directly to a 529 account.

Where do I report 529 contributions in PA?

Use PA-40 Schedule O to report the amount of deductions for contributions to Medical Savings or Health Savings Accounts and/or the amount of contributions to an IRC Section 529 Qualified Tuition Program by the taxpayer and/or spouse.

Where is my PA-40 refund?

Check the status of your Pennsylvania state refund online at Services for taxpayers with special hearing and/or speaking needs are available by calling 1-800-447-3020 (TT). Your refund status will be updated daily.

Can grandparents deduct 529 contributions in Pennsylvania?

Grandparents are able to take Pennsylvania state income tax deductions for contributions made to 529 plans, regardless if they are the plan owner or not.

How much can you contribute to a 529 plan in PA?

Pennsylvania taxpayers can deduct contributions to the PA 529 IP from their Pennsylvania taxable income up to $15,000 per beneficiary, per year. For married couples, contributions up to $30,000 per beneficiary, per year, are deductible, provided each spouse has taxable income of at least $15,000.

Can I deduct out of state 529 contributions in PA?

Since Pennsylvania offers a state income tax deduction for contributions to any 529 plan, residents may consider investing in an out-of-state 529 plan such as the Ohio, New York, Wisconsin or California 529 plans.

How does a 529 plan work in Pennsylvania?

Not only are your contributions deductible from your Pennsylvania state income tax, the entire value of your account is exempt from Pennsylvania inheritance tax. Assets held in a PA 529 plan are not counted when determining state financial aid for college. Assets in any other state 529 plan are counted.

Can you contribute to a 529 plan in another state?

Pennsylvania residents also receive a tax deduction for contributing to a 529 Plan in another state, if you find an opportunity in another state that is more appropriate to your needs.

How to roll over funds into a 529 plan?

You can roll over funds from your existing 529 account into a PA 529 plan by first opening a PA 529 account and completing the Incoming Rollover Form for the appropriate Pennsylvania plan. PA 529 will then request the funds from the other program.

How to contribute to 529 plan in Iowa?

Amounts contributed in the current year are limited per beneficiary, per taxpayer and spouse on the Iowa 529 Contribution Limitation Worksheet. Enter State use code 24 and the 11 digit Account number. Prior year return deposits, State use code of 24, and Account number will proforma to this screen. Enter State use code 24.