As you likely know, an Indiana taxpayer can take advantage of the provision to get a 20% credit for funding an Indiana 529 plan. The max credit per tax return is $1,500 on a $7,500 contribution. If college is going to cost, say, $37,500/year, then you can withdraw that amount from your 529 each year without any consequence. If you contribute $7,500 to the plan, you save $1,500 in tax. If you give $7,500 to Grandpa and tell him to put that money in the 529 plan, then Grandpa gets $1,500 off of his Indiana taxes (and then you tell Grandpa to gift you the $1,500 of tax savings). Repeat across every Indiana-taxpaying family member until you have contributed $3,7500 for the year (so 5 family members times $7,500). You will receive 5 times $1,500 of tax credits. We know this is an extreme example, but you get the point.
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