MNSAVES Helps New Parents Save for College with Special Incentive
New Smart Start $50 Promotion Available from Sept. 1 – Dec. 31, 2023
published August 31, 2023
St. Paul, Minn. (August 31, 2023) – As new parents welcome their child into the world, there are so many decisions to make for the new baby and their future. One decision that’s worthy of consideration is building a college savings strategy now with MNSAVES, Minnesota’s 529 College Savings Plan.
While it may seem far away, now is the best time to start thinking about and saving for your child’s higher education. To help new families jumpstart their college savings, MNSAVES is announcing the Smart Start $50 promotion for newborn accounts opened between September 1 and December 31, 2023.
Simply follow these three simple steps to get started:
- Open an account at mnsaves.org/newborn using promo code SmartStart23
- Make an initial deposit of $50 and add a recurring contribution or $25 or more for at least six months
- Receive your $50 bonus
“Saving for your child’s education as soon as they enter the world is the smartest way to go, not only to get the most out of your savings, but also to help ensure their future success,” said Jim Mandler, senior marketing manager for the Minnesota 529 College Savings Plan.
“We want to help contribute to Minnesota families college savings, which is why we’re offering this special promotion,” Mandler stated.
Additionally, Minnesota taxpayers can reduce their state taxable income up to $3,000 if married filing jointly ($1,500 filing single) for contributions made into a Minnesota 529 College Savings Plan, or may be eligible for maximum credit amount up to $500, subject to phase-out based on certain federal adjusted gross income thresholds. Any earnings are federal and Minnesota income tax-deferred until withdrawn. And withdrawals used to pay for qualified expenses are free from federal and Minnesota income tax.
About the Minnesota 529 College Savings Plan
The Minnesota 529 College Savings Plan (MNSAVES), 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 an MNSAVES account, and funds saved can be used at eligible colleges and universities, community and technical colleges and graduate schools nationwide, and many abroad. In addition to tuition, funds may be used for certain room and board expenses, books, supplies, or other qualified expenses.
To learn more about the Minnesota College Savings Plan, its investment objectives, risks, charges and expenses please see the Plan Description 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 for investing in its own 529 plan. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice.
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TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Minnesota College Savings Plan.