Form It-40/it-40pnr - Schedule In-529 - Indiana'S Collegechoice 529 Education Savings Plan Credit - 2012 Page 2
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1
2Instructions for Schedule IN-529
You may be eligible for a credit of as much as $1,000 if you (and/or
Note. Attach additional sheets if you contributed to more than eight
your spouse) made a contribution during the year to a CollegeChoice
qualified plans.
529 Investment Plan.
Column C
A 529 college savings plan is a reference to Section 529 of the
On each line enter the smaller of the total annual contribution you
Internal Revenue Code. Contributions to this type of plan are made
(and/or your spouse) made to each account during the tax year or
on behalf of a beneficiary, and are to be used to pay qualified higher
$5,000.
education expenses. While there are many 529 college savings plans
available both in Indiana and nation-wide, only contributions made
Example. John contributed $500 to his qualified account each month.
to the CollegeChoice 529 Investment Plan are eligible for the credit.
His total annual contribution was $6,000. He will enter $5,000 in
Column C.
Do you have an eligible contribution?
The CollegeChoice 529 Investment Plan is governed by the Indiana
Column D
Lines 1 – 8
Education Savings Authority. To determine if your contribution is to a
plan that is eligible for this credit, visit their Web site at
Multiply the amount(s) on Column C by 20 percent (.20) and enter
the result in Column D.
Note. An allowable contribution will not include:
• Money credited to an account as a result of bonus points or other
Example. John has $5,000 on line 1 in Column C. He will enter $1,000
forms of consideration earned by the taxpayer that result in a
($5,000 x .20) on line 1 in Column D.
transfer of money to the account, and/or
• Money transferred from any other qualified tuition program under
Line 9
Section 529 of the Internal Revenue Code or from any other similar
Add the amounts on line 1 through line 8 in Column D. Enter the
plan.
total amount here.
Who must file Schedule IN-529?
Line 10
Anyone who makes a contribution to a qualified plan and claims this
The maximum credit you can claim each year is $1,000.
credit must include Schedule IN-529 with their filing.
Line 11
Definitions
Compare the amount on line 9 with the $1,000 maximum amount on
Account owner. The account owner is the individual or entity (such as
line 10. Enter the smaller amount here.
a trust, estate, partnership, etc.) who has the right to select or change
a beneficiary, and to control the distribution of the funds.
Example. Brenda made a $500 contribution to the CollegeChoice
529 Investment Plan. She entered $500 on line 1 in Column C; she
Contribution. A cash deposit made for the benefit of the account
multiplied the $500 by .20 and entered the $100 result on line 1 in
beneficiary.
Column D. She will enter $100 on line 11 (it is the smaller of the $100
on line 9 or $1,000 from line 10).
Note. The credit is available to an individual filing a single return or
a married couple filing a joint return.
Line 12
Look at line 8 from your Indiana tax return, Form IT-40 or Form
Specific instructions
IT-40PNR. Enter the amount from there on this line.
Important: You must complete the first 8 lines of your Indiana state
Example. Brenda has $800 on her IT-40, line 8. She will enter $800
tax return, Form IT-40 or Form IT-40PNR, before you can complete
on this line.
this schedule.
Line 13
Column A
Look at the amounts on line 11 and line 12. Enter the smaller of these
Check the box if you (and/or your spouse) made a contribution to
amounts on line 13.
an account you do not own. If you (or your spouse) are the account
owner, do not check the box.
Example. Brenda has $100 on line 11, and $800 on line 12. She will
enter $100 (the smaller of the two amounts) on line 13.
Example. John opened a qualified CollegeChoice 529 Investment
Plan for his son Nate, and is the account owner. John’s mother (Nate’s
This is your allowable credit. Enter this amount under line 6 of Sched-
grandmother) made a contribution to the plan John established. She
ule 6 (Schedule G if filing Form IT-40PNR), and use code 8 3 7.
will claim a credit based on her contribution, and will check the box in
Column A because she is not the account owner (John is).
Use of credit. Any unused credit is not eligible for carryback or car-
ryforward; nor may it be sold, assigned or transferred to anyone else.
Column B
Enter the account number of each qualified account to which you (and/
Get Information Bulletin 98 at
for more
or your spouse) made a contribution. The account numbers may be:
information about this credit.
•
11 digits long, and begin with “61” or “62”, and/or
•
10 digits long, and begin with “200”, “201” or “208”.
*24100000000*
24100000000
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