Indiana CollegeChoice 529 Plan Increases Credit Maximum for 2023 Contributions

March 8, 2023 - Posted by:

Indiana taxpayers making contributions to a CollegeChoice 529 account now qualify for a 20% tax credit on up to $1500 ($750 for married filing separately). This is a $500 increase ($250 for married filing separately) from contributions made in 2022.

Example:

2022 and earlier - $5,000 contribution x 20% = $1,000 credit.

2023 - $7,500 x 20% = $1,500

To learn more about tax credits for CollegeChoice 529, take a look at Indiana Department of Revenue's Bulletin #98 or contact your KL tax advisor.