[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-301920-105":53,"doc-detail-301920-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","informer-alabamas-529-fund-newsletter-4th-quarter-2023","Informer - Alabama’s 529 Fund Newsletter - 4TH Quarter 2023","","Informer - Alabama’s 529 Fund Newsletter for the 4th quarter of 2023 provides Alabama taxpayers with year-end reminders on state income tax deductions for CollegeCounts contributions made before December 31, 2023. It explains key cutoff rules, rollover deductibility considerations, adjustments for third-party contributions, and guidance on gift tax filing when gifts exceed the annual exclusion. The newsletter also covers 2023 withdrawal reporting via Form 1099-Q, potential tax credits, scholarship opportunities, upcoming FAFSA changes, and updated program disclosure information.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/informer-alabamas-529-fund-newsletter-4th-quarter-2023/301920/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/informer-alabamas-529-fund-newsletter-4th-quarter-2023/301920.png","ImageObject",442,249,{"name":88,"@type":89},"Lucas Vance","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-23","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What timing rules affect whether contributions count for the 4th quarter 2023 statement and Alabama deductions?","Question",{"text":108,"@type":109},"Contributions are included only if received by 3 pm CT on Friday, December 29 for the 4th quarter 2023 CollegeCounts statement. Mailed contributions with a 2023 postmark that are received in early January 2024 appear on the 1st quarter 2024 statement.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How should taxpayers handle rollovers from out-of-state 529 accounts for Alabama tax purposes?",{"text":113,"@type":109},"The full amount of a rollover may be deductible for Alabama state income tax purposes. The newsletter recommends meeting with a tax advisor to review any potential recapture of tax deductions and whether penalties or charges apply.",{"name":115,"@type":106,"acceptedAnswer":116},"What is the purpose of Form 1099-Q in connection with 2023 withdrawals?",{"text":117,"@type":109},"Form 1099-Q is mailed in late January 2024 for 2023 withdrawals from a CollegeCounts account and can be viewed after logging in. 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Review contributions between your bank account, CollegeCounts statements, and online transaction history.  \n• Only contributions received by 3 pm CT on Friday, December 29th are included with your 4th quarter 2023 CollegeCounts statement. Contributions mailed in late December with a 2023 postmark that are received by CollegeCounts in early January 2024, will appear on your 1st quarter 2024 statement. Review any “prior year” contributions and add them to your 2023 contribution total, if necessary.  \n• The full amount of a rollover from out-of-state  \n529 account may be deductible for Alabama state income tax purposes1.  \n*When considering a rollover, make sure to meet with your tax advisor to review any potential recapture of tax deductions received from the original state, as well as whether any penalties or charges apply.  \n• Adjust for any contributions made by a third-party (not deductible by you).  \nIf you made a gift of more than $17,000 (the 2023 annual gift tax exclusion) into a beneficiary’s CollegeCounts account, we recommend reaching out to your tax professional to determine whether you are required to file a Form 709 Gift Tax Return to have your gift split over five years.  \nGift Tax Exclusion Increase  \nIn 2024, the IRS will be increasing the annual gift tax exclusion limit from $17,000 to $18,000. Reach out to your tax professional with any questions.  \nReporting 2023 Withdrawals  \nTax Form 1099-Q will be mailed in late January 2024 for any 2023 withdrawals from a CollegeCounts account. Your 1099-Q Tax Form can also be viewed using the“Statements/Tax Form” link after logging into your account [at](at CollegeCounts529.com. The)[ CollegeCounts529.com](at CollegeCounts529.com. The)[. The](at CollegeCounts529.com. The) 1099-Q is issued to the Account Owner for any distributions paid directly to them. The 1099-Q is issued to the Beneficiary for any distributions paid directly to them or to the school. We recommend keeping all documentation of your qualified expenses2, including your 1099-Q, with your tax paperwork in the event of questions or an audit. Discuss any questions with your tax professional.  \nCOLLEGECOUNTS529.COM | 866.529.2228  \nOffered by the State of Alabama  \nPossible Tax Credit  \nIf you have a current college student and you paid for any 2023 qualified expenses2 out of your own pocket (not from your CollegeCounts account), you may qualify for an American Opportunity or Lifetime Learning tax credit. The American Opportunity or the Lifetime Learning credit can be claimed during the same year as an expense, even if you withdrew from a 529 plan as well, as long asthe tax credit and the 529 funds were not used for same expenses. For more information, review IRS Publication 970 and talk to your tax professional.  \nScholarship Opportunity  \nCollegeCounts and the State of Alabama are proud to offer scholarships to students across the state! If you know an Alabama high school senior or first-time college freshman who plans to attend an Alabama college beginning in the fall of 2024, encourage them to apply for the CollegeCounts Scholarship. Scholarships up to $4,000 are awarded for students attending a four-year college, or up to $2,000 for students attending a two-year school. The deadline to apply for the CollegeCounts Scholarship is February 29, 2024. For more details and to apply, visit [Treasury.Alabama.gov/collegecounts-scholarship](Treasury.Alabama.gov/collegecounts-scholarship t","cbCaicbtZ4QBNWdA","https://ap.wps.com/l/cbCaicbtZ4QBNWdA","pdf",209144,"English","# Alabama Tax Deduction Reminders\n## Key timing and contribution considerations\n## Gift tax exclusion increase\n## Reporting 2023 Withdrawals (1099-Q)\n## Possible Tax Credit\n## Scholarship Opportunity\n## Upcoming FAFSA Changes\n## Updated Program Disclosure Statement","[{\"question\":\"What timing rules affect whether contributions count for the 4th quarter 2023 statement and Alabama deductions?\",\"answer\":\"Contributions are included only if received by 3 pm CT on Friday, December 29 for the 4th quarter 2023 CollegeCounts statement. Mailed contributions with a 2023 postmark that are received in early January 2024 appear on the 1st quarter 2024 statement.\"},{\"question\":\"How should taxpayers handle rollovers from out-of-state 529 accounts for Alabama tax purposes?\",\"answer\":\"The full amount of a rollover may be deductible for Alabama state income tax purposes. The newsletter recommends meeting with a tax advisor to review any potential recapture of tax deductions and whether penalties or charges apply.\"},{\"question\":\"What is the purpose of Form 1099-Q in connection with 2023 withdrawals?\",\"answer\":\"Form 1099-Q is mailed in late January 2024 for 2023 withdrawals from a CollegeCounts account and can be viewed after logging in. It is issued to the account owner for distributions paid directly to them, and to the beneficiary for distributions paid directly to them or to the school; qualified expense documentation should be kept for questions or an audit.\"}]","Informer - Alabama’s 529 Fund Newsletter - 4TH Quarter 2023 | PDF",1789786792]