Form IT-40 (IT-40PNR; State Form 53385) Schedule IN-529 Indiana's Collegechoice 529 Education Savings Plan Credit - Indiana

What Is Form IT-40 (IT-40PNR; State Form 53385) Schedule IN-529?

This is a legal form that was released by the Indiana Department of Revenue - a government authority operating within Indiana.The document is a supplement to Form IT-40PNR, Indiana Part-Year or Full-Year Nonresident Individual Income Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-40?
A: Form IT-40 is a tax form used by residents of Indiana to file their state income taxes.

Q: What is Schedule IN-529?
A: Schedule IN-529 is a schedule that is part of Form IT-40 and is used to claim the Indiana's Collegechoice 529 Education Savings Plan Credit.

Q: What is the Indiana's Collegechoice 529 Education Savings Plan Credit?
A: The Indiana's Collegechoice 529 Education Savings Plan Credit is a tax credit available to individuals who contribute to Indiana's Collegechoice 529 Education Savings Plan.

Q: Who is eligible to claim the Indiana's Collegechoice 529 Education Savings Plan Credit?
A: Indiana residents who contribute to Indiana's Collegechoice 529 Education Savings Plan are eligible to claim the credit.

Q: What is the purpose of the Indiana's Collegechoice 529 Education Savings Plan?
A: The purpose of Indiana's Collegechoice 529 Education Savings Plan is to help families save for future college expenses by providing a tax-advantaged way to invest and save for higher education costs.

Q: Is the Indiana's Collegechoice 529 Education Savings Plan Credit refundable?
A: No, the Indiana's Collegechoice 529 Education Savings Plan Credit is nonrefundable, which means it can reduce your tax liability but cannot result in a refund.