Schedule IN-529        Schedule IN-529: Indiana’s CollegeChoice                                                        Enclosure 
    Form IT-40/IT-40PNR                                                                                  Sequence No. 10
    State Form 53385    529 Education Savings Plan Credit                                            2023
    (R17 / 9-23)
 Name(s) shown on Form IT-40/IT-40PNR                                               Your Social Security Number

Enter information about contributions made by you and/or your spouse to Indiana’s CollegeChoice 529 Education Savings Plan(s) 
during 2023.

 Column A               Column B                    Column C                                             Column D

 Place “X” in box       Enter Account #             Higher Education. Enter the                      K-12 Education. Enter the 
 if you or your                                     amount contributed this year to                  amount contributed this year 
 spouse do not                                      offset current or future higher                  to offset current or future K-12 
 own the account.                                   education expenses.                              education expenses.

 1.                                                                                 .00                                        .00

 2.                                                                                 .00                                        .00

 3.                                                                                 .00                                        .00

 4.                                                                                 .00                                        .00

 5.                                                                                 .00                                        .00

 6.                                                                                 .00                                        .00

 7.                                                                                 .00                                        .00

 8.                                                                                 .00                                        .00

 9.                                                                                 .00                                        .00

 10. Add lines 1C through 9C _____________________                                  .00

 11. Add lines 1D through 9D _______________________________________________________                                           .00

 12. Add lines 10 and 11  __________________________________________________________                                           .00

 13. Multiply line 12 by .20 _________________________________________________________                                         .00

 14. Enter the lesser of the amount on line 13, 1500, or 750 if married filing separately __________                           .00

 15. Enter the amount from Form IT-40 or Form IT-40PNR, line 8  __________________________                                     .00

 16. Allowable credit. Enter the lesser of line 14 or line 15. Also enter under line 6 of Schedule 6 
    (if filing Form IT-40), or under line 6 of Schedule G (if filing Form IT-40PNR) Total Credit                               .00

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                                                Instructions for Schedule IN-529

You may be eligible for a credit if you and/or your spouse made a        Lines 1 – 9 Instructions
contribution to Indiana’s CollegeChoice 529 Investment Plan.             Column A
                                                                         Check the box if you/your spouse made a contribution to an 
While there are many 529 savings plans available both in                 account you do not own. If you/your spouse are the account 
Indiana and nation-wide, only contributions made to the Indiana          owner, do not check the box.
CollegeChoice 529 Investment Plan are eligible for this credit. 
This plan is governed by the Indiana Education Savings Authority.        Example. John opened a qualified CollegeChoice 529 Investment 
To determine if your contribution is to a plan that is eligible for this Plan for his son Nate, and is the account owner. John’s mother 
credit, visit their website at www.in.gov/iesa.                          (Nate’s grandmother) made a contribution to the plan John 
                                                                         established. She will claim a credit based on her contribution, and 
Who may claim this credit?                                               will check the box in Column A because she is not the account 
This credit is available:                                                owner (John is).
• To an individual filing a single tax return
• To a married couple filing a joint tax return                          Column B
• To a married individual filing a separate return (for taxable          Enter the account number of each qualified account to which you/
  years beginning after December 31, 2019).                              your spouse made a contribution. The account numbers may be:
                                                                         • 11 digits long, and begin with “61” or “62”, 
How may these contributions be used?                                     • 10 digits long, and begin with “200”, “201”, “208” or “209”, 
Contributions to this plan are made on behalf of a beneficiary,            and/or
and are to be used to pay for:                                           • 16 digits long, starting with “200” or “201”.
• Qualified higher education expenses, and/or 
• Indiana K-12 tuition in connection with enrollment or                  Note. Attach additional sheets if you contributed to more than nine 
  attendance at an elementary or secondary public, private,              qualified plans.
  or religious school located in Indiana. Note: A private school 
  includes a homeschool recognized by the Internal Revenue               Column C – Higher Education Contributions
  Service as a private school                                            On each line enter the total annual contribution you/your spouse 
                                                                         made during the year to each account for purposes of paying for 
An eligible contribution will not include:                               qualified higher education expenses.
• Contributions made to an account that will be transferred 
  to an ABLE account                                                     Example. John contributed $7,200 to his account during the 
• Money credited to an account as a result of bonus points               year to help pay for qualified higher education expenses. He will 
  or other forms of consideration earned by the taxpayer that            enter $7,200 in Column C on the same line matching the account 
  result in a transfer of money to the account                           number (in Column B).
• Money transferred from any other qualified tuition program 
  under Section 529 of the Internal Revenue Code or from any             Column D – K-12 Education Contributions
  other similar plan.                                                    On each line enter the total annual contribution you/your spouse 
                                                                         made during the year to each account for purposes of paying for 
Who must file Schedule IN-529?                                           K-12 tuition.
Anyone who makes a contribution to a qualified plan and claims 
this credit must include Schedule IN-529 when filing their tax           Example. Maria made a $600 contribution to the CollegeChoice 
return.                                                                  529 Investment Plan account set up by her son for her 
                                                                         granddaughter. She is making this contribution to help pay for her 
Account owner. The account owner is the individual or entity             granddaughter’s K-12 tuition. She checked the box in Column 
(such as a trust, estate, partnership, etc.) who has the right to        A because she is not the account owner. She listed the account 
select or change a beneficiary, and to control the distribution of       number in Column B, and reported the $600 contribution in 
the funds.                                                               Column D.

Contribution. A cash deposit made for the benefit of the account         Combination of higher education and K-12 education 
beneficiary.                                                             contributions to same account – It is acceptable to use one 
                                                                         account to make contributions for both levels of education.
Important. You must complete the first 8 lines of your Indiana 
state tax return, Form IT-40 or Form IT-40PNR, before you can            Example. Micah opened a CollegeChoice 529 Investment Plan 
complete this schedule.                                                  account for his nephew when he was born four years ago. This 
                                                                         year he contributed to this account $800 for higher education and 
                                                                         $300 for K-12 education. He entered the account number on line 
                                                                         1, Column B, the $800 higher education contribution in Column C, 
                                                                         and the $300 K-12 education contribution in Column D.

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Lines 10 – 16 instructions

Line 10 – Add amounts on lines 1 – 9 in Column C.

Line 11 – Add amounts on lines 1 – 9 in Column D.

Line 12 – Add lines 10 and 11.

Line 13 – Multiply line 12 by 20% (.20).

Line 14 – Enter the lesser of line 13 or 1500 (750 if married filing 
separately).

Line 15 – Enter the state adjusted gross income tax from line 8 of 
Form IT-40 or Form IT-40PNR.

Line 16 – Enter the lesser of line 14 or line 15. Also enter under 
line 6 on Schedule 6 if filing Form IT-40 or under line 6 on 
Schedule G if filing Form IT-40PNR.

Use of credit. Any unused credit is not eligible for carryback 
or carryforward; nor may it be sold, assigned, or transferred to 
anyone else.

Get Income Tax Information Bulletin 98 at www.in.gov/dor/files/
reference/ib98.pdf for more information about this credit.

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