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Tax Advantages for Minnesotans with 529 Plans

Tax Advantages for Minnesotans with 529 Plans

Are you thinking of opening a 529 for a child or grandchild?

You may be eligible for a Minnesota tax credit. Investment income on 529 accounts is exempt from both federal and Minnesota income taxes if the income is used for qualifying higher education expenses. Qualifying expenses include tuition, fees, room and board, books, and some other education expenses.

The Research Department of the Minnesota House of Representatives has written some 529 guidance that applies to the 2018 tax year.

Download the PDF
Minnesota’s Tax Credit and Deduction for 529 Contributions

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Vector Wealth Management is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.