Indiana Recapture of Indiana's CollegeChoice 529 Education Savings Plan Credit (OBSOLETE)

Recapture of Indiana's CollegeChoice 529 Education Savings Plan Credit (OBSOLETE)
Form IN-529R
2018

Schedule IN-529R: Recapture of Indiana’s
CollegeChoice 529 Education Savings Plan Credit

Schedule IN-529R

Form IT-40/IT-40PNR
State Form 53386 (R12 / 9-18)

Enter your first and last name and spouse’s first and last name if filing a joint return.	

Enclosure
Sequence No. 11

Your Social Security Number

Enter information about non-qualified withdrawal(s) made during 2018 from your Indiana CollegeChoice 529 Education Savings Plan(s).
Column A
Account #

Column B
Amount of Nonqualified Withdrawal

Column C
Multiply Column B
by .20

Column D

Column E

Enter total of credits
previously allowed
for the account minus
total amount of credits
previously recaptured
for the account.

Credit to be Recaptured:
Enter smaller of
Column C or Column D

	

.00	.00	

.00	
1	.00

	

.00	.00	

.00	
2	.00

	

.00	.00	

.00	
3	.00

	

.00	.00	

.00	
4	.00

	

.00	.00	

.00	
5	.00

	

.00	.00	

.00	
6	.00

	

.00	.00	

.00	
7	.00

.00	.00	

.00	
8	.00

	
	
	

Add amounts from Column E, lines 1 through 8 (add additional sheets if necessary).
Enter total here and on IT-40 Schedule 4, line 3, or IT-40PNR Schedule E, line 3.	

*24100000000*
24100000000

9	.00

Instructions for Schedule IN-529R
A 529 college savings plan is a reference to Section 529 of the Internal Revenue
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
many 529 college savings plans available both in Indiana and nation-wide, only
contributions made to the CollegeChoice 529 education savings plan are eligible
for an Indiana tax credit.

For more details, get Information Bulletin #98 at www.in.gov/dor/3650.htm

Who must file Schedule IN-529R?

Column B
Enter the net amount of non-qualified withdrawal(s) made during the year for
each account listed in Column A.

An owner of a CollegeChoice 529 education savings plan account who makes a
non-qualified withdrawal during the year must repay all or a part of any Indiana
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).

Definitions

Account owner. The account owner is the individual or entity (such as a trust,
estate, partnership, etc.) who has the right to select or change a beneficiary,
and to control the distribution of the funds.
Contribution. A cash deposit made for the benefit of the account beneficiary.
Qualified withdrawal. This is a withdrawal or distribution from a CollegeChoice
529 education savings plan account that is made:
•	 to pay for qualified higher education expenses;
•	 because of the death or disability of an account beneficiary;
•	 because an account beneficiary received a scholarship that paid all or part
of their qualified higher education expenses;
•	 because of a transfer of funds by the plan from one third party custodian to
another.
Non-qualified withdrawal. This is a withdrawal or distribution from a
CollegeChoice 529 education savings plan that is:
•	 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 or ABLE account.

Column A
Enter the account number(s) from which you made a non-qualified withdrawal(s).
Attach additional sheets if you made non-qualified withdrawals from more than
eight accounts.

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.
Column C
Multiply the amount in Column B by .20 (20 percent) and enter the result here.
Example. John multiplied the $600 from Column B by .20; he will enter the $120
result here.
Column D
Enter the total amount of credits previously allowed for each designated account
minus the total amount of credits previously recaptured for the account.
Example. John claimed a $1,000 credit for the account listed in Column A; he
will enter $1,000 in Column D.
Example. John’s mother made a $400 contribution to the account listed in
Column A, and claimed an $80 credit based on that contribution. John will enter
$1,080 in Column D.
Column E, Lines 1 - 8
Enter the smaller of the amount(s) listed in Columns C or D for each line.

*24100000000*
24100000000