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04  Schedule IN-529        Schedule IN-529: Indiana’s CollegeChoice                                                        Enclosure 
       Form IT-40/IT-40PNR                                                                                  Sequence No. 10
05     State Form 53385    529 Education Savings Plan Credit                                            2023
06     (R17 / 9-23)
07  Name(s) shown on Form IT-40/IT-40PNR                                               Your Social Security Number
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09 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                     999               99 9999
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11 Enter information about contributions made by you and/or your spouse to Indiana’s CollegeChoice 529 Education Savings Plan(s) 
12 during 2023.
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14  Column A               Column B                    Column C                                             Column D
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16  Place “X” in box       Enter Account #             Higher Education. Enter the                      K-12 Education. Enter the 
17  if you or your                                     amount contributed this year to                  amount contributed this year 
18  spouse do not                                      offset current or future higher                  to offset current or future K-12 
19  own the account.                                   education expenses.                              education expenses.
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22  1. X             99999999999999999999              999999999999999                 .00              999999999999999.00
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24  2. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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26  3. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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28  4. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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30  5. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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32  6. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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34  7. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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36  8. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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38  9. X             99999999999999999999              999999999999999                 .00               999999999999999.00
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40  10. Add lines 1C through 9C _____________________  999999999999999                 .00
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42  11. Add lines 1D through 9D _______________________________________________________                  999999999999999.00
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44  12. Add lines 10 and 11  __________________________________________________________                  999999999999999.00
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46  13. Multiply line 12 by .20 _________________________________________________________  999999999999999.00
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48  14. Enter the lesser of the amount on line 13, 1500, or 750 if married filing separately __________  999999999999999.00
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50  15. Enter the amount from Form IT-40 or Form IT-40PNR, line 8  __________________________  999999999999999.00
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52  16. Allowable credit. Enter the lesser of line 14 or line 15. Also enter under line 6 of Schedule 6 
53     (if filing Form IT-40), or under line 6 of Schedule G (if filing Form IT-40PNR) Total Credit      999999999999999.00
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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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