field_block:node:page:title
Education Savings Account Contribution Credit
field_block:node:page:field_subtitle
Section 529 College Savings Plan
field_block:node:page:body
field_block:node:page:field_paragraph
You may qualify for the 2021 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 “How much is this credit?”)
- 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, 2021.
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 $80,430.
If you file as Married Filing Jointly
| And your Minnesota AGI is |
Your maximum credit s |
|---|
| $80,430 or less |
$500 |
| More than $80,430 but less than $105,430 |
$500 reduced by 1% of Minnesota AGI exceeding $80,430 |
| More than $105,430 but less than $144,780 |
$250 |
| More than $144,780 but less than $169,780 |
$250 reduced by 1% of Minnesota AGI exceeding $144,780 |
| More than $169,780 |
$0 (You are not eligible) |
All other filing statuses
| And your AGI is |
Your maximum credit is |
|---|
| $80,430 or less |
$500 |
| More than $80,430 but less than $105,430 |
$500 reduced by 2% of Minnesota AGI exceeding $80,430 |
| More than $105,430 |
$0 (You are not eligible) |
