Education Savings Account Contribution Subtraction

• You are a Minnesota resident or part-year resident.
• 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, 2019.

Qualified expenses include costs required to attend a post-secondary educational institution. Amounts paid for K-12 education are not qualified expenses.

You may qualify for a subtraction up to $1,500 if you file as Single, Head of Household, or Married Filing Separately. You may qualify for up to $3,000 if you file as Married Filing Jointly or Qualifying Widow(er).

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

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