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#1
02-16-2009, 11:35 PM
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 Re: Why did a qualified withdrawl from a 529 decrease NYS taxes? "Katie" <katiej_1958[at]yahoo.com> wrote in message news:8da12422-003c-4e46-aa96-e1ec80d05027[at]m12g2000vbp.googlegroups.com... - quote - > On Feb 15, 6:39 pm, "Tom" <T...[at]cppc.com> wrote:
come straight off his income as an adjustment. I must be reading it wrong,> > 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? > > Maybe because he got a NYS deduction for the tuition paid. I went looked at the actual return. If I am reading it right, the $46,000 and have posted another question above to clarify that. -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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02-16-2009, 09:17 PM
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| Re: Why did a qualified withdrawl from a 529 decrease NYS taxes? On Feb 15, 6:39*pm, "Tom" <T...[at]cppc.com> wrote: - quote - > 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? Maybe because he got a NYS deduction for the tuition paid. Katie in San Diego -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
02-16-2009, 01:39 AM
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| Why did a qualified withdrawl from a 529 decrease NYS taxes? 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? -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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