I just did my son's income tax on Taxcut. He owed $252 before I entered the $46,000 he withdrew from his 529, but got an $11 refund after. (yes, it is his 529)
Does that sound right? Why?
- posted
15 years ago
Why did a qualified withdrawl from a 529 decrease NYS taxes?
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- posted
15 years ago
Maybe because he got a NYS deduction for the tuition paid.
Katie in San Diego
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- posted
15 years ago
I went looked at the actual return. If I am reading it right, the $46,000 come straight off his income as an adjustment. I must be reading it wrong, and have posted another question above to clarify that.