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Education Savings Account Contribution Credit
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Section 529 College Savings Plan
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If you contribute to a section 529 college savings plan, you may be eligible for a nonrefundable credit.
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You may qualify for this credit if all of these are true:
- You are a Minnesota resident or part-year resident.
- You meet certain income guidelines. (See the table under “Credit Amount.”)
- You contributed to any state-sponsored section 529 college savings plan, including prepaid tuition plans. Contributions to qualified plans are eligible regardless of which state administers it.
- You made contributions to a qualified plan by December 31, 2023.
You may not claim this credit if any of these apply:
Do I have to be the account owner or beneficiary to qualify?
No. You may claim this credit for your contributions to any qualifying account, regardless of the owner or beneficiary.
Qualified expenses include costs required to attend a post-secondary educational institution. Amounts paid for K-12 education are not qualified expenses.
The credit is 50% of contributions made during the year, up to a maximum of $500. This credit phases out if your Minnesota Adjusted Gross Income (Minnesota AGI) is over $88,810.
If you file as Married Filing Jointly| And your Minnesota AGI is | Your maximum credit Is |
|---|
| $88,810 or less | $500 |
| More than $88,810 but less than $113,810 | $500 reduced by 1% of Minnesota AGI exceeding $88,810 |
| More than $113,810 but less than $159,860 | $250 |
| More than $159,860 but less than $184,860 | $250 reduced by 1% of Minnesota AGI exceeding $159,860 |
| More than $184,860 | $0 (You are not eligible) |
If you file as any other status| And your AGI is | Your maximum credit is |
|---|
| $88,810 or less | $500 |
| More than $88,810 but less than $113,810 | $500 reduced by 2% of Minnesota AGI exceeding $88,810 |
| More than $113,810 | $0 (You are not eligible) |
