Deduct both ABLE and Bright Start contributions on Il return?
Hi Terry, I see IL will allow deduction/subtraction on 2018 Taxes for 529A (ABLE) plans for disabled persons. If we are married filing jointly and contribute $20k to a IL 529 college plan for our daughter and $20k to a IL 529A plan for a disabled son, will we be able to deduct the full $40k on our state taxes? Thanks , John
Terry Says
I researched this thoroughly and could not find anything that says you can’t deduct both. And since the contributions are completely different, it makes sense that you could. I suggest you consult your own tax preparer for the definitive answer.
