529 CollegeInvest accounts

Individuals may claim a subtraction for any amount they received during the tax year as employer matching contributions to their adult learner’s individual trust account or savings account with CollegeInvest. The individual must be the account owner and account beneficiary and have opened the account to pursue their own postsecondary educational opportunities and job retraining goals. The subtraction is allowed only to the extent that the employer’s contribution is included in the employee’s federal taxable income. Please visit CollegeInvest.org for additional information regarding CollegeInvest accounts.

The employee may also be allowed to claim a subtraction for their own contribution which their employer matched. For additional information, please see Department publication Income Tax Topics: CollegeInvest Contribution Subtraction .