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Last Updated: 12/19/2018

Education Savings Account Contribution Subtraction

‚ÄčIf you contribute to a section 529 college savings plan, you may be eligible for a subtraction from income.

Do I qualify for this subtraction?

You may qualify for the 2018 credit if all of the following are true:
  • 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, 2018.
You may not claim the subtraction if you claim the Education Savings Account Contribution Credit.

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

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

What are qualified expenses for 529 plans?

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

How much is the subtraction?

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).

How do I file this subtraction?


What if I claim this credit and use account funds for nonqualified expenses?

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