They're another year
closer to college
Celebrate College Savings Month with a MNSAVES 529 account.
Tax Benefits of a MNSAVES 529 Account
See your contributions go further with a 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 and filing single) for contributions made into a MNSAVES account.
100% Tax-Deferred Growth
Any earnings grow tax-deferred. When you pay fewer taxes, you can earn more and grow your account faster.
Tax-Free Withdrawals for Qualified Expenses
Withdraw tax-free for all qualified education expenses at any accredited college, university, community college 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 more options
For MN taxpayers savings can be applied to any accredited college or university across the country and abroad, as well as community college and technical 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 and even first cousins.