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Michigan Education Savings Program

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Michigan Education Savings Program

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Michigan Education Savings Program 

You may deduct, to the extent not deducted in calculating AGI, the total of all contributions less qualified withdrawals and rollovers (compute the contributions, withdrawals and rollovers separately for each account) made during 2014 by the taxpayer in the tax year to accounts established through the MESP, including the Michigan 529 Advisor Plan (MAP). The deduction may not exceed $5,000 for a single return or $10,000 for a joint return per tax year. There are numerous education savings accounts available from other states and investment companies, but Michigan only allows a tax deduction for contributions to accounts established through MESP and MAP.

 

Michigan Education Trust 

If you purchased a MET contract during 2014, you may deduct the total contract price (including the processing fee). • If you made a charitable contribution to the MET Charitable Tuition Program during 2014, you may deduct the total contribution amount. You should have received a receipt from MET to confirm the amount. All charitable donations will go toward providing scholarships to former foster care students attending Michigan colleges. • If you purchased a MET payroll deduction or monthly purchase contract, you may deduct the amount paid on that contract during 2014 (not including fees for late payments or insufficient funds). You will receive an annual statement from MET specifying this amount. • If you have terminated a MET contract, you may deduct the amount included in AGI as income to the purchaser.


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Views: 729 Created on: Jun 15, 2013
Date updated: Aug 19, 2015
Posted in: STATES, Michigan

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