Schedule M1529 - Education Savings Account Contribution Credit Or Subtraction - 2017 Page 2
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1
22017 Schedule M1529 Instructions
Am I eligible?
Worksheet for Line 4 (529 Subtraction)
You may be eligible for this credit or
1 Enter the amount from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
subtraction if you contributed to a quali-
2 Enter the appropriate amount listed below for your filing status . . . . . . . . . .
fied education savings account, commonly
Married filing jointly
$3,000
known as a 529 college savings plan.
All other filing statuses
$1,500
3 Enter the amount from step 1 or step 2, whichever is less. Enter this
What is a qualified education
amount on line 4 of Schedule M1529 and on line 39 of Schedule M1M. . . . .
savings account?
A qualified education savings account is
any state-sponsored section 529 college
Worksheet for Line 5 (529 Credit)
savings plan including prepaid tuition
1 Enter the amount from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
plans.
2 Multiply the amount from step 1 by 50% (0.50) . . . . . . . . . . . . . . . . . . .
Do I have to be the account owner
3 Enter your federal Adjusted Gross Income . . . . . . . . . . . . . . . . . . . . . . .
or beneficiary?
4 If step 3 is less than $75,000, skip steps 5-9 and enter $500 on step 10.
No. You can claim this credit or subtrac-
Otherwise, use the table below to determine steps 5, 7, and 9 for your filing status that
tion for contributions to accounts that are
applies to the amount from step 3.
owned by or established for the benefit of
any individual.
Married filing jointly
If step 3 is:
Can I claim the credit and subtrac-
Over
But Not Over
Use for Step 5 Use for Step 7 Use for Step 9
tion?
$75,000
$100,000
$75,000
0.01
$500
No. You may only claim either the credit or
$100,000
$135,000
$0
0.00
$250
subtraction.
$135,000
—
$135,000
0.01
$250
Is it better to take the credit or sub-
All other filing statuses
If step 3 is over $75,000:
Use for Step 5 Use for Step 7 Use for Step 9
traction?
$75,000
0.02
$500
It depends on your residency status, filing
status, and income.
5 Enter the appropriate amount for this step from the table above. . . . . . . .
Full and part-year residents: If your
6 Subtract step 5 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
federal Adjusted Gross Income (AGI) is
7 Enter the appropriate amount for this step from the table above. . . . . . . .
$75,000 or less, the credit will generally
provide a greater benefit for you.
8 Multiply step 6 by step 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If your AGI is more than $75,000 but less
9 Enter the appropriate amount for this step from the table above. . . . . . . .
than the $100,000 ($160,000 if you are fil-
10 Subtract step 8 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ing a joint return), complete the worksheet
11 Enter the amount from step 2 or step 10, whichever is less.
for line 5. You will generally benefit more
Enter this amount on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
by claiming the credit if the result from the
worksheet is more than the amount below
Line Instructions
Line 4
for your filing status:
If you are taking the subtraction instead of
Round amounts to the nearest whole dollar.
• Single:
$118
the credit, stop here; enter this amount on
Line 1
• Married filing joint:
$212
line 39 of Schedule M1M. You may not
Enter the trustee, account number, and
claim both the credit and the subtraction.
• Head of Household:
$106
amount you contributed for each qualified
Line 5
education savings account you contributed
• Married filing separate:
$118
If you are taking the credit instead of the
to. Include a list of additional accounts on a
If your filing status is married filing joint
subtraction, skip line 4; enter this amount
separate sheet of paper if you contributed to
and your AGI is more than $160,000
on line 7 of Schedule M1C.
more than 10 accounts.
($100,000 for all other filing statuses), you
Line 2
Questions?
are not eligible for the credit. You will ben-
Enter the total amount of all distributions
Forms and information are available on our
efit more by claiming the subtraction.
from accounts that, during the year, you:
website at
Nonresidents: You are not eligible to claim
•
Were listed as an account owner or
If you have questions:
the credit. You will benefit more by claim-
beneficiary
• Visit our website at
ing the subtraction.
and enter 529
•
Made a contribution to
Do I need proof of my contributions?
in the Search box
Distributions are reported on 1098-Q.
Yes. Save canceled checks and/or keep a
• Send us an email at
detailed record of your contributions (such
individual.incometax@state.mn.us
as brokerage and account statements). We
• Call us at 651-296-3781 or
may ask you to show these records if we
1-800-652-9094
have questions.
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