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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 (compute the contributions and withdrawals separately for each account) made during 2013 by the taxpayer in the tax year to accounts established through the MESP, including the MI 529 Advisor Plan. 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.

Michigan Education Trust 
You may deduct the following:

  • If you purchased a MET contract during 2013, you may deduct the total contract price (including the processing fee).
  • If you purchased a MET payroll deduction or monthly purchase contract, you may deduct the amount paid on that contract during 2009 (not including fees for late payments or insufficient funds). You should 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: 749 Created on: Jun 15, 2013
Date updated: Aug 26, 2014

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