Save $1,000 in 2022 or $1,500 in 2023 if you Have a Child in College or Private K-12 School

If you have a child in college or private K-12 school, then take advantage of the 20% Indiana College Choice 529 credit on your Indiana tax return. The credit is 20% of your annual contribution with a max annual credit of $1K in 2022 and $1.5K in 2023. You don’t need to pay funds directly from the 529 to the school. If you would rather pay for school expenses from your personal account, then contribute funds to the 529 to get the credit and then transfer those funds back to your personal account as a reimbursement. To take advantage of this, the funds need to be deposited into the 529 by 12/31 of the year for which you want the credit.