Indiana Indiana's CollegeChoice 529 Education Savings Plan Credit

Indiana's CollegeChoice 529 Education Savings Plan Credit
Form IN-529
Schedule IN-529
Form IT-40/IT-40PNR
State Form 53385
(R17 / 9-23)

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

Name(s) shown on Form IT-40/IT-40PNR	

2023

Enclosure
Sequence No. 10

Your Social Security Number

Enter information about contributions made by you and/or your spouse to Indiana’s CollegeChoice 529 Education Savings Plan(s)
during 2023.
Column A
Place “X” in box
if you or your
spouse do not
own the account.

Column B
	

Enter Account #

Column C

Column D

Higher Education. Enter the
amount contributed this year to
offset current or future higher
education expenses.

K-12 Education. Enter the
amount contributed this year
to offset current or future K-12
education expenses.

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9.	

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10. Add lines 1C through 9C______________________ 	

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11. Add lines 1D through 9D________________________________________________________	

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12. Add lines 10 and 11___________________________________________________________

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13. Multiply line 12 by .20__________________________________________________________ 	

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14. Enter the lesser of the amount on line 13, 1500, or 750 if married filing separately___________ 	

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15. Enter the amount from Form IT-40 or Form IT-40PNR, line 8___________________________ 	

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16. Allowable credit. Enter the lesser of line 14 or line 15. Also enter under line 6 of Schedule 6
(if filing Form IT-40), or under line 6 of Schedule G (if filing Form IT-40PNR)	
Total Credit	

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Instructions for Schedule IN-529
You may be eligible for a credit if you and/or your spouse made a
contribution to Indiana’s CollegeChoice 529 Investment Plan.
While there are many 529 savings plans available both in
Indiana and nation-wide, only contributions made to the Indiana
CollegeChoice 529 Investment Plan are eligible for this credit.
This plan is governed by the Indiana Education Savings Authority.
To determine if your contribution is to a plan that is eligible for this
credit, visit their website at www.in.gov/iesa.
Who may claim this credit?
This credit is available:
•	 To an individual filing a single tax return
•	 To a married couple filing a joint tax return
•	 To a married individual filing a separate return (for taxable
years beginning after December 31, 2019).
How may these contributions be used?
Contributions to this plan are made on behalf of a beneficiary,
and are to be used to pay for:
•	 Qualified higher education expenses, and/or
•	 Indiana K-12 tuition in connection with enrollment or
attendance at an elementary or secondary public, private,
or religious school located in Indiana. Note: A private school
includes a homeschool recognized by the Internal Revenue
Service as a private school
An eligible contribution will not include:
•	 Contributions made to an account that will be transferred
to an ABLE account
•	 Money credited to an account as a result of bonus points
or other forms of consideration earned by the taxpayer that
result in a transfer of money to the account
•	 Money transferred from any other qualified tuition program
under Section 529 of the Internal Revenue Code or from any
other similar plan.
Who must file Schedule IN-529?
Anyone who makes a contribution to a qualified plan and claims
this credit must include Schedule IN-529 when filing their tax
return.
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.
Important. You must complete the first 8 lines of your Indiana
state tax return, Form IT-40 or Form IT-40PNR, before you can
complete this schedule.

Lines 1 – 9 Instructions
Column A
Check the box if you/your spouse made a contribution to an
account you do not own. If you/your spouse are the account
owner, do not check the box.
Example. John opened a qualified CollegeChoice 529 Investment
Plan for his son Nate, and is the account owner. John’s mother
(Nate’s grandmother) made a contribution to the plan John
established. She 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).
Column B
Enter the account number of each qualified account to which you/
your spouse made a contribution. The account numbers may be:
•	 11 digits long, and begin with “61” or “62”,
•	 10 digits long, and begin with “200”, “201”, “208” or “209”,
and/or
•	 16 digits long, starting with “200” or “201”.
Note. Attach additional sheets if you contributed to more than nine
qualified plans.
Column C – Higher Education Contributions
On each line enter the total annual contribution you/your spouse
made during the year to each account for purposes of paying for
qualified higher education expenses.
Example. John contributed $7,200 to his account during the
year to help pay for qualified higher education expenses. He will
enter $7,200 in Column C on the same line matching the account
number (in Column B).
Column D – K-12 Education Contributions
On each line enter the total annual contribution you/your spouse
made during the year to each account for purposes of paying for
K-12 tuition.
Example. Maria made a $600 contribution to the CollegeChoice
529 Investment Plan account set up by her son for her
granddaughter. She is making this contribution to help pay for her
granddaughter’s K-12 tuition. She checked the box in Column
A because she is not the account owner. She listed the account
number in Column B, and reported the $600 contribution in
Column D.
Combination of higher education and K-12 education
contributions to same account – It is acceptable to use one
account to make contributions for both levels of education.
Example. Micah opened a CollegeChoice 529 Investment Plan
account for his nephew when he was born four years ago. This
year he contributed to this account $800 for higher education and
$300 for K-12 education. He entered the account number on line
1, Column B, the $800 higher education contribution in Column C,
and the $300 K-12 education contribution in Column D.

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Lines 10 – 16 instructions
Line 10 – Add amounts on lines 1 – 9 in Column C.
Line 11 – Add amounts on lines 1 – 9 in Column D.
Line 12 – Add lines 10 and 11.
Line 13 – Multiply line 12 by 20% (.20).
Line 14 – Enter the lesser of line 13 or 1500 (750 if married filing
separately).
Line 15 – Enter the state adjusted gross income tax from line 8 of
Form IT-40 or Form IT-40PNR.
Line 16 – Enter the lesser of line 14 or line 15. Also enter under
line 6 on Schedule 6 if filing Form IT-40 or under line 6 on
Schedule G if filing Form IT-40PNR.
Use of credit. Any unused credit is not eligible for carryback
or carryforward; nor may it be sold, assigned, or transferred to
anyone else.
Get Income Tax Information Bulletin 98 at www.in.gov/dor/files/
reference/ib98.pdf for more information about this credit.

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