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Massachusetts Form 8888: What You Should Know
Taxpayers Can Direct a Part of the Refund to their 529 — MFA — Use this option in the “Transfer” section. Direct-Mail Notice of Refund (Form 1040X, XSF1, XSF2), with an Earmark, from Your Return — These notices contain an automatic Earmark allowance. Earmarks are a form of federal tax-free money (generally, you cannot claim the allowance on your federal tax return). It's not only possible to transfer an excess refund over to an eligible child's 529 plan, but it's an easy way to make sure your kids still have enough money each month for college and college needs. It's important to note that “Child Tax Credit” income and earnings are not automatically transferred if you direct your refund to a 529. The Child Tax Credit is not refundable and cannot be used to purchase any educational expenses, even qualified educational expenses. Using Form 1040X to Direct an Unused Depreciation Deduction for Education — If you deduct a capital loss on a property for education purposes using a Schedule D, your gain will be treated as a qualifying educational expense, which is subject to a 5-percent limit. This limit applies even if you sell the property. Form 1040X, XSF3–(e)(4), with an Earmark — Use this form to direct all overpayments of the federal education tax credit. This is similar to the old-style (prefers) 1040EZ. Form 1041B, Withdrawal from a Qualifying Education Trust — If you withdrew funds from a qualified education trust for qualified education expenses, you do not have to pay taxes on those funds.
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