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Last Updated: 7/11/2018

Education Savings Account Contribution Subtraction

​Beginning in tax year 2017, individuals who contribute to a section 529 college savings plan may qualify for a subtraction from income.
 

Do I qualify for this subtraction?

You may qualify if you are a Minnesota resident or part-year resident who contributes to any state-sponsored section 529 college savings plan, including prepaid tuition plans. You must have made contributions to a qualified plan by December 31, 2017, to qualify for the 2017 subtraction.
 
You may not claim the subtraction if you claim the Education Savings Account Contribution Credit.
 

How much is the subtraction?

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.
 

Do I have to contribute to a Minnesota plan?

No. Many states offer 529 college savings plans. Contributions to a qualifying account are eligible regardless of which state administers the plan.
 

Do I have to be the account owner or beneficiary for my contributions to qualify?

No. You may claim this subtraction for your contributions to any qualifying account regardless of the owner or beneficiary.
 

How do I file this subtraction?