Education Savings Account Contribution Credit

• You are a Minnesota resident or part-year resident.
• You meet certain income guidelines. (See the table below.)
• 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 the plan.
• You made contributions to a qualified plan by December 31, 2018.

• You claimed the Education Savings Account Contribution Subtraction.
• You are a nonresident.
• You are eligible to be claimed as a dependent.

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 percent 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 $75,000.

Complete Schedule M1529, Education Savings Account Contribution Credit or Subtraction, to determine this credit.

You may be required to pay back some or all of the benefits you received.