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.

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Minnesota’s Tax Credit and Deduction for 529 Contributions

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