Save for their future and enjoy triple tax benefits now
including up to a $3,000 state tax deduction if married and filing jointly. Make the most of your tax advantages by contributing to your MNSAVES 529 account today!
Triple Tax Benefits of a MNSAVES 529 Account
See your contributions go further with MNSAVES 529 Plan tax benefits.
State tax deduction
MN taxpayers may qualify for a state tax deduction up to $3,000 if married filing jointly, ($1,500 filing single) for contributions made into a MNSAVES account.
100% tax-deferred growth
Any earnings grow tax-deferred. When you pay less taxes, you may have the ability to earn more and grow your college savings account faster—giving your beneficiary an even bigger head start!
Tax-free withdrawals for qualified expenses
Withdraw tax-free for all qualified education expenses at any eligible college, university or technical college for tuition, certain room and board, books, computers and more.
Why a MNSAVES 529 Plan?
Your plan is financial aid friendly
Your 529 account is typically viewed as a parental asset for financial aid purposes and may count less against aid eligibility than the same funds held in your child's name.1
Your child has options
For MN taxpayers, savings can be applied to any eligible college or university across the country and abroad, as well as technical or community college.
You have more control
You're never locked in and can withdraw your funds for any reason at any time.2
You enjoy more flexibility
Funds in your child's account are transferable to another eligible family member, which includes siblings, stepchildren, parents, even first cousins.
