If you contributed to the 529 plan, you will be able to claim a subtraction from income. If you withdrew money from your 529 plan, you may have to add the withdrawal back to your income if it was not used for educational purposes.
What is the 529 plan?
The main purpose is to help families contend with the future high costs of their children’s or grandchildren’s college or vocational education
What are the contribution limits?
There is not a set contribution limit annually. The lifetime contribution limit is $541,000 per beneficiary.
How much can I deduct?
You may deduct up to $4,000 per beneficiary for amounts contributed to an Ohio 529 savings plan that is included in your Federal Adjusted Gross Income.
What about carryovers?
There are no penalties or federal income tax consequences for rolling over money from another state’s 529 plan to a CollegeAdvantage Direct Plan account, provided it has been more than 12 months since there was a previous rollover for the same beneficiary of the account.
What if I don’t use it for education expenses?
Withdrawals for non-educational expenses are subject to Federal income tax and a 10% penalty on the earnings portion.
Program Entry
- State Section
- 3 dots to edit Ohio Return
- Subtractions From Income
- Enter Contributions to College Advantage 529 Savings plan or purchases of tuition credits