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Give the gift of education with the Minnesota College Savings Plan
St. Paul, Minn. – A college education is an unforgettable gift that lasts a lifetime and – unlike another itchy sweater – can’t be outgrown. This holiday season; give the gift of education with the Minnesota College Savings Plan.
“Gifting with the Minnesota College Savings Plan takes the hassle out of holiday shopping with easy-to-use contribution options,” said Jim Mandler, senior marketing manager for the Minnesota College Savings Plan. “Education is the gift of a lifetime and we want to help families place that gift under the tree this year, while also offering tax advantages for in-state relatives and friends.”
A gift that keeps on giving
In-state relatives and friends who contribute not only help families save for higher education, but also may be eligible for certain tax incentives. For instance, Minnesota residents, regardless of their relationship to an account holder, can lower their state taxable income. Joint filers are eligible for a deduction of up to $3,000, while single fliers can apply for $1,500 in deductions per beneficiary per year.
With the impending tax deadline on Dec. 31, 2018, the Minnesota College Savings Plan makes it easy to gift before time runs out:
eGift, a secure, online way to ask for contributions, starts with every new account and is free of charge. In the course of a few minutes, account holders create a gifting code that’s shareable via email or social media. Once the code is sent out, contributors can donate to a specific account entirely online.
Mail it in
For one-time contributions, download and complete the gift deposit form. After that, mail both the form and contribution to the Minnesota College Savings Plan office.
For more information about the Minnesota College Savings Plan, tax benefits and gifting options, please visit mnsaves.org or call 1-877-338-4646.
About the Minnesota College Savings Plan
The Minnesota College Savings Plan, Minnesota’s official 529 college savings plan, makes it easier for families to save for higher education expenses. It takes just $25 and 15 minutes to open a Minnesota College Savings Plan account and funds saved can be used at colleges, technical schools and grad schools nationwide. Additionally, funds may be used for certain room and board expenses, books, supplies or other qualified expenses – not just tuition.
To learn more about the Minnesota College Savings Plan, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at mnsaves.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Minnesota College Savings Plan.