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Last Updated: 8/29/2017

Section 529 Plan Subtraction

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Individual Income Tax

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​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).

When is this subtraction available?

The Section 529 Plan subtraction is available beginning tax year 2017.

Do I qualify for this subtraction?

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.

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.

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.

How do I file this subtraction?

Eligible taxpayers should complete Schedule M1529, Education Savings Account Contribution Credit or Subtraction, to determine this subtraction. Visit our website in January 2018 for tax year 2017 forms and instructions.