Schedule IN-529                       Indiana Department of Revenue                                                                                 Enclosure 
    Form IT-40/IT-40PNR                   Indiana’s 529 Education                                                                               Sequence No. 10
    State Form 53385                                                                                                                        2024
    (R18 / 9-24)                            Savings Plan Credit

Name(s) shown on Form IT-40/Form IT-40PNR                                                  Your Social Security Number

Enter information about contributions made by you and/or your spouse to Indiana’s 529 Education Savings Plan(s) during 2024.

Column A                Column B                                             Column C                                                           Column D
Place “X” in box                                                             Higher Education.                                                  K-12 Education.  
if you or your                                                               Enter the amount contributed this  Enter the amount contributed this 
                        Enter Account Number
spouse do not                                                                year to offset current or future                               year to offset current or future 
own the account.                                                             higher education expenses.                                     K-12 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        • 11 digits long, and begin with “61” or “62”, 
contribution to the Indiana529 Savings Plan.                             • 10 digits long, and begin with “200”, “201”, “208” or “209”, and/or
                                                                         • 16 digits long, starting with “200” or “201”.
While there are many 529 savings plans available both in Indiana 
and nation-wide, only contributions made to the Indiana529               Note. Attach additional sheets if you contributed to more than nine 
Savings Plan are eligible for this credit. This plan is governed         qualified plans.
by the Indiana Education Savings Authority. To determine if your 
contribution is to a plan that is eligible for this credit, visit their  Column C – Higher Education Contributions. On each line 
website at www.in.gov/tos/iesa.                                          enter the total annual contribution you/your spouse made during 
                                                                         the year to each account for purposes of paying for qualified 
Who may claim this credit?                                               higher education expenses.
This credit is available: 
• To an individual filing a single tax return                            Example. John contributed $7,200 to his account during the 
• To a married couple filing a joint tax return                          year to help pay for qualified higher education expenses. He will 
• To a married individual filing a separate return (for taxable          enter $7,200 in Column C on the same line matching the account 
  years beginning after December 31, 2019).                              number (in Column B).
How may these contributions be used?                                     Column D – K-12 Education Contributions. On each line enter 
Contributions to this plan are made on behalf of a beneficiary, and      the total annual contribution you/your spouse made during the 
are to be used to pay for:                                               year to each account for purposes of paying for K-12 tuition.
• Qualified higher education expenses, and/or 
• Indiana K-12 tuition in connection with enrollment or attendance 
  at an elementary or secondary public, private, or religious school     Example. Maria made a $600 contribution to the Indiana529 
  located in Indiana. Note: A private school includes a homeschool       Savings Plan account set up by her son for her granddaughter. She 
  recognized by the Internal Revenue Service as a private school.        is making this contribution to help pay for her granddaughter’s K-12 
                                                                         tuition. She checked the box in Column A because she is not the 
An eligible contribution will not include:                               account owner. She listed the account number in Column B, and 
• Contributions made to an account that will be transferred to           reported the $600 contribution in Column D.
  an ABLE account
• Money credited to an account as a result of bonus points               Combination of higher education and K-12 education 
  or other forms of consideration earned by the taxpayer that            contributions to same account. It is acceptable to use one 
  result in a transfer of money to the account                           account to make contributions for both levels of education.
• Money transferred from any other qualified tuition program 
  under Section 529 of the Internal Revenue Code or from any             Example. Micah opened a Indiana529 Savings Plan account 
  other similar plan.                                                    for his nephew when he was born four years ago. This year he 
                                                                         contributed to this account $800 for higher education and $300 
Who must file Schedule IN-529?                                           for K-12 education. He entered the account number on line 1, 
Anyone who makes a contribution to a qualified plan and claims           Column B, the $800 higher education contribution in Column C, 
this credit must include Schedule IN-529 when filing their tax return.   and the $300 K-12 education contribution in Column D.

Account owner. The account owner is the individual or entity (such       Lines 10 – 16 instructions
as a trust, estate, partnership, etc.) who has the right to select or 
change a beneficiary, and to control the distribution of the funds.      Line 10. Add amounts on lines 1 – 9 in Column C.

Contribution. A cash deposit made for the benefit of the account         Line 11. Add amounts on lines 1 – 9 in Column D.
beneficiary.
                                                                         Line 12. Add lines 10 and 11.
Important. You must complete the first 8 lines of your Indiana 
state tax return, Form IT-40 or Form IT-40PNR, before you can            Line 13. Multiply line 12 by 20% (.20).
complete this schedule.
                                                                         Line 14. Enter the lesser of line 13 or 1500 (750 if married filing 
Lines 1 – 9 Instructions                                                 separately).

Column A. Check the box if you/your spouse made a contribution           Line 15. Enter the state adjusted gross income tax from line 8 of 
to an account you do not own. If you/your spouse are the account         Form IT-40 or Form IT-40PNR.
owner, do not check the box.
                                                                         Line 16. Enter the lesser of line 14 or line 15. Also enter under 
Example. John opened a qualified Indiana529 Savings Plan                 line 6 on Schedule 6 if filing Form IT-40 or under line 6 on 
for his son Nate, and is the account owner. John’s mother (Nate’s        Schedule G if filing Form IT-40PNR.
grandmother) made a contribution to the plan John established. She 
will claim a credit based on her contribution, and will check the box in Use of credit. Any unused credit is not eligible for carryback 
Column A because she is not the account owner (John is).                 or carryforward; nor may it be sold, assigned, or transferred to 
                                                                         anyone else.
Column B. Enter the account number of each qualified account 
to which you/your spouse made a contribution. The account 
numbers may be:                                                          For more information about this credit, get Income Tax Information 
                                                                         Bulletin 98 at www.in.gov/dor/files/ib98.pdf.
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