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topmiller
March 2, 2025
Question

Maryland state tax break for Able Now account transfer from 529 plan

  • March 2, 2025
  • 1 reply
  • 0 views

I see a tax break for Able account contributions on form 502SU.  I transferred from my sons 529 to his Able Now account.  I did take the original 2500 tax break when I first contributed to the 529.  Can I get another tax break on the transfer from 529 to Able account?

    1 reply

    B
    BrittanyS
    March 4, 2025

    Yes, if the original contributions credit you received was in a different year than 2024, you can claim the credit for 2024.  Maryland taxpayers can deduct up to $2,500 per beneficiary per year for Able Now contributions.  See the link below for more information:

     

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