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IL income tax on 529 rollover

 

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Subject Author Date
IL income tax on 529 rollover YAN60031 04-09-2007
Posted by YAN60031 on April 9, 2007, 2:51 am
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IL has a tax break for contribution to in-state 529 plan. If
I rollover IL 529 plan to another state's 529. Would I be
re-taxed on the basis I rolled over?

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Posted by Phil Marti on April 10, 2007, 9:47 am
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> IL has a tax break for contribution to in-state 529 plan. If
> I rollover IL 529 plan to another state's 529. Would I be
> re-taxed on the basis I rolled over?

No. The IL instructions for Schedule M additions to AGI
specifically exclude rollovers.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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