Minnesota made a change on August 29th, 2017 that may allow Minnesota residents a subtraction for qualified 529 College Savings Plan Contributions.
Individuals who contribute to a Section 529 College Savings Plan may be eligible for a subtraction from income up to $1,500 ($3,000 for married couples filing joint returns).
The Section 529 Plan subtraction is available beginning tax year 2017.
If you contribute to a Section 529 Plan, you may claim this subtraction. However, if you claim the Section 529 Plan Credit, you cannot claim the subtraction.
No. Many states offer 529 College Savings Plans. Contributions to a qualifying account are eligible regardless of which state administers the plan.
Taxpayers filing single, head of household, or married filing separate may qualify for a subtraction up to $1,500. Married couples filing joint returns may qualify for up to $3,000.
Eligible taxpayers should complete Schedule M1529, Education Savings Account Contribution Credit or Subtraction, to determine this subtraction.
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