If a taxpayer contributes to a Minnesota section 529 college savings plan, they may be eligible for either a nonrefundable credit against tax or a subtraction on their Minnesota individual income tax return. Schedule M1529, Education Savings Account Contribution Credit or Subtraction is used for the calculation.
Contributions of up to $500 per year are eligible for a Minnesota nonrefundable credit against tax. The credit is phased out when AGI exceeds the yearly credit amount. Click here for more details at the Minnesota DOR.
To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the Minnesota Return menu select:
- Subtractions from Income
- Education Savings Account Contribution Subtraction
Note: If the taxpayer is not eligible to take the credit, ProWeb automatically applies the subtraction.
Additional Information:
Minnesota State Tax Information
Minnesota 529 College Savings Plan
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