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Maximum Tax Credit Increases by 50 Percent

4/7/2022

Indiana is proud to announce that beginning with contributions made for the 2023 tax year, the maximum tax credit amount increases by 50 percent, from $1000 to $1500 (from $500 to $750 for married couples filing separately).  This means that when you file your taxes in 2024 for the 2023 tax year, the increased maximum tax credit will apply.

 

 

 

 

This credit may be subject to recapture from the account owner (not the contributor) in certain circumstances, such as rollovers to another state's 529 plan, federal nonqualified withdrawals, withdrawals used to pay elementary or secondary school tuition for a school outside of Indiana, or qualified education loan repayments as described in the Disclosure Booklet.