№ 3 · CollegeChoice 529
Indiana pays you to save for college.
Here’s exactly how much.
Indiana gives you 20 cents back for every dollar you put into a CollegeChoice 529 — up to a $1,500 credit each year. A state-guaranteed 20% return on money you were likely saving anyway. Most national calculators still show Indiana’s old, smaller numbers — this one is current.
Current law: 20% credit on up to $7,500 of contributions per year — a $1,500 maximum credit per return, per year.
Your plan
How the account builds
Navy is money you put in; turquoise is growth doing the work. The credit lands on your Indiana return separately, every year you contribute.
What this estimate assumes — out in the open
- The credit is 20% of contributions, capped at $1,500 per year, per tax return — married filing jointly gets one $1,500 max, not two. Grandparents filing their own return get their own credit for their own contributions — worth knowing at gift time.
- You have at least $1,500 of Indiana tax for the credit to offset. It’s nonrefundable — it can take your Indiana bill to zero, but not below.
- Contributions must reach the CollegeChoice plan by December 31 to count for that year’s credit.
- Growth is hypothetical — a flat assumed rate, contributions spread through the year, no fees modeled. Real returns will differ, in both directions.
- Investment choices inside the 529 are yours (with your financial advisor) — we handle the tax side.
- K-12 tuition and other qualified uses have their own rules — ask before you withdraw for anything but college.
Five-minute setup. We’ll help you get it set up.
The 529 credit is one of the best deals Indiana offers, and it resets every January — money not contributed by December 31 is a credit that never existed. Let’s make sure the contribution, the credit, and the rest of your tax year line up.
We are always happy to talk it through.
Thank you,
Amy Grego, CPA Delta CPA Group, LLC · (260) 440-2747