Saving for College the Smart way - 529 Plans          

 

Minnesota 529 Plan

Minnesota offers one 529 college savings plan, a direct-sold plan called the Minnesota College Savings Plan.  Saving for college has never been easier thanks to the Minnesota 529 Plan.

Minnesota College Savings Plan

Minnesota College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct – this Minnesota 529 plan can be purchased directly from the state.

Fund Family:  TIAA-Cref

Minimums:  To get started you can deposit $25, or if you choose the automatic monthly plan, you can open an account with $15. Minimum subsequent contributions are $25 and $15 with the automatic plan.

Maximum Contributions:
  Currently, you can contribute to your Minnesota 529 plan until the aggregate account balance reaches $235,000.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more

Tax Benefits: In and out-of-state participants get the federal tax benefits.  Minnesota residents pay no state income tax on earnings used to pay for qualified education expenses.

Residency:  The Minnesota College Savings Plan is open to all United States residents, not just those in Minnesota.

You can learn more about Minnesota’s 529 plan at the official website http://www.mnsaves.org/.

529 Plan Report

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