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.
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