Personal Finance & Money Asked on May 15, 2021
All 529 plan contributions are not deductible at the Federal level, therefore the IRS doesn’t seem to have a form used to report the contributions. However, several states (like mine, Oklahoma) allow the contributions to be deducted for state taxes.
Is there a form that the 529 administrator should generate for me to report the contributions on my state tax return (similar to form 5498 for IRAs)? Or is it okay to just consider the "Contributions for 2020: $XX" from my online account as sufficient proof that I made the contributions?
Did some more digging after reading the comments and @Doug Deden's answer. Everything I found says that I will not receive a tax form for contributions from the 529 administrator. This could be different for other states. I think the best way to verify what is required to report the contributions for the tax deduction is to look at the state's equivalent of the IRS 1040 (tax return form).
For Oklahoma specifically, the Schedule 511-C instructions elaborate on reporting 529 contributions:
Provide proof of your contribution including the name of the beneficiary and the account number
As long as the document with "Contributions for 2020: $XX" also includes the beneficiary and account number I should be fine.
Correct answer by Nosjack on May 15, 2021
I've never received one. The instructions I've found from my plan administrator and others indicate that while you'll get a 1099-Q reporting any withdrawals, you won't get a special form reporting your contributions.
Rather, you just use the information from your year-end statement -- something like 2020 Contributions: $xxxx -- on your state income tax return, if appropriate.
Sources:
Answered by Doug Deden on May 15, 2021
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