Form It-40/it-40pnr - Schedule In-529r - Recapture Of Indiana'S Collegechoice 529 Education Savings Plan Credit - 2012 Page 2
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1
2Instructions for Schedule IN-529R
A 529 college savings plan is a reference to Section 529 of the Internal Revenue
For more details, get Information Bulletin #98 at
Code. Contributions to this type of plan are made on behalf of a beneficiary,
and are to be used to pay qualified higher education expenses. While there are
Column A
many 529 college savings plans available both in Indiana and nation-wide, only
Enter the account number(s) from which you made a non-qualified withdrawal(s).
contributions made to the CollegeChoice 529 education savings plan are eligible
Attach additional sheets if you made non-qualified withdrawals from more than
for an Indiana tax credit.
eight accounts.
Who must file Schedule IN-529R?
Column B
An owner of a CollegeChoice 529 education savings plan account who makes a
Enter the net amount of non-qualified withdrawal(s) made during the year for
non-qualified withdrawal during the year must repay all or a part of any Indiana
each account listed in Column A.
tax credit allowed. The account owner must complete and enclose Schedule
IN-529R with his or her Indiana income tax return (Forms IT-40 or IT-40PNR).
Example. John opened an account for his son. He made two $300 non-qualified
withdrawals from this account during the year. He will enter $600 in Column B.
Definitions
Column C
Account owner. The account owner is the individual or entity (such as a trust,
Multiply the amount in Column B by .20 (20 percent) and enter the result here.
estate, partnership, etc.) who has the right to select or change a beneficiary,
and to control the distribution of the funds.
Example. John multiplied the $600 from Column B by .20; he will enter the $120
result here.
Contribution. A cash deposit made for the benefit of the account beneficiary.
Column D
Qualified withdrawal. This is a withdrawal or distribution from a CollegeChoice
Enter the total amount of credits previously allowed for each designated account.
529 education savings plan account that is made:
•
to pay for qualified higher education expenses;
Example. John claimed a $1,000 credit for the account listed in Column A; he
•
because of the death or disability of an account beneficiary;
will enter $1,000 in Column D.
•
because an account beneficiary received a scholarship that paid all or part
of their qualified higher education expenses;
Example. John’s mother made a $400 contribution to the account listed in
•
because of a transfer of funds by the plan from one third party custodian to
Column A, and claimed an $80 credit based on that contribution. John will enter
another.
$1,080 in Column D.
Non-qualified withdrawal. This is a withdrawal or distribution from a
Column E, Lines 1 - 8
CollegeChoice 529 education savings plan that is:
Enter the smaller of the amount(s) listed in Columns C or D for each line.
•
not a qualified withdrawal;
•
a withdrawal or distribution from an account that is closed within 12 months
after the account is opened;
•
a rollover distribution or transfer from the CollegeChoice 529 education
savings plan to any other Code Sec. 529 plan.
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