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Tax Credit

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  • Current: Tax Credit

Tax Credit FAQ

Updated Tax Bulletin #98

Department of Revenue Tax Credit Details, Including all Required Forms (scroll down to CollegeChoice 529 Education Savings Plan Credit)

The CollegeChoice 529 Savings Plans, governed by the Indiana Education Savings Authority (IESA) and administered by Ascensus College Savings and College Savings Bank, allow Hoosiers to plan for their children's or loved one's future by making contributions into an investment account for higher education expenses.  In addition to lowering costs and expanding investment options, Indiana offers a special tax credit that potentially makes the CollegeChoice Plans an even more attractive option.

Qualified withdrawals from a CollegeChoice 529 Plan account are already state and federally tax-exempt.  Additionally, Indiana taxpayers who contribute to a CollegeChoice 529 account may be eligible for a 20% state income tax credit of up to $1,500 each year ($750 for married filing separately) on their contributions.

For more information about the CollegeChoice 529 Direct Savings Plan, visit or call 1-866-485-9415.

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