Article: 50465
Overview
If you contributed to a Wisconsin 529 college savings plan—EdVest or Tomorrow’s Scholar—you may be eligible for a state tax deduction. To claim this benefit, you will need to complete the WI – College Savings Accounts (EdVest and Tomorrow’s Scholar) form as part of your Wisconsin state return.
What Is a College Savings Account (529 Plan)?
A 529 college savings account is a tax-advantaged plan designed to help families save for future education costs. Wisconsin offers two plans:
- EdVest
- Tomorrow’s Scholar
Both plans allow contributions that may be deductible on your Wisconsin return, within state-established limits.
Deduction Amounts, Limits, and Carryforwards
- Deduction per beneficiary (2024 tax year): Up to $5,000 per year, per beneficiary, for single filers.
- Married joint filers: May deduct up to $10,000 per year, per beneficiary.
- Excess contributions: If you contribute more than the annual limit, the unused portion can be carried forward and deducted in future years.
- Qualified expenses: Withdrawals must be used for qualified education expenses (tuition, fees, books, and certain room/board costs) to remain tax advantaged.
Important: Contributions to non-Wisconsin 529 plans do not qualify for this Wisconsin deduction.
Who Should Include This Form?
You should complete the College Savings Accounts (EdVest and Tomorrow’s Scholar) form if:
- You made contributions to a Wisconsin 529 plan in the tax year.
- You are a Wisconsin taxpayer seeking to claim the deduction.
- You need to report carryforward amounts from prior years.
How to Report
- Navigate to the State Taxes section on the left-hand side of the screen.
- Click the link: I’d like to see the forms I’ve filled out or search for a form.”
- In the dropdown menu, select Wisconsin.
- Click on the General tab.
- Click on College Savings Accounts (EdVest and Tomorrow’s Scholar) to open the form.
- Enter all applicable information.
- Click Save once complete.
Additional Resources
For further information see: https://www.revenue.wi.gov/TaxForms2024/2024-ScheduleCS-Inst.pdf