Fillable 2019 Schedule M1529, Educaon Savings Account Contribuon Credit (Minnesota Department of Revenue)

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2019 Schedule M1529, Educaon Savings Account Contribuon Credit (Minnesota Department of Revenue)

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Your First Name and Inial Last Name Social Security Number
1 Enter the nancial instuon, account number, and the amount you contributed in 2019 for each qualied educaon savings account
(commonly known as a 529 college savings plan). If you contributed to more than ve accounts, include a separate sheet.
Financial Instuon:
Account Number: Amount:
Financial Instuon: Account Number: Amount:
Financial Instuon: Account Number: Amount:
Financial Instuon: Account Number: Amount:
Financial Instuon: Account Number: Amount:
Total amount of contribuons from separate sheet (if any):
Enter the total amount you contributed to all qualied educaon savings accounts .................... 1
2 Enter the total amounts distributed in 2019 from all accounts (see instrucons) ........................ 2
3 Subtract line 2 from line 1. If the result is zero or less, STOP HERE; you do not qualify . . . . . . . . . . . . . . . . . . . . 3
If you are claiming the subtracon
4 To claim the subtracon, enter the lesser of the amount on line 3 or $1,500
($3,000 if you are married and ling a joint return) here and on line 38 of Schedule M1M ................ 4
If you claim the subtracon, you cannot claim the credit.
If you are claiming the credit
5 To claim the credit, enter the result from step 11 of the Worksheet for Line 5 here.
If you claim the credit, you cannot claim the subtracon.
Full-Year Residents: Also enter this amount on line 4 of Schedule M1C ................................ 5
6 Part-Year Residents: Mulply line 5 by line 24 of Schedule M1NR. Enter the result here
and on line 4 of Schedule M1C ................................................................. 6
Complete lines 7-15 if a distribuon from your account was not used to pay qualied expenses.
7 Enter the amount of distribuons from your accounts that were not used for qualied expenses .......... 7
8 Mulply the total amount of Educaon Savings Account Credits
claimed in prior years on Schedule M1C by 2 ..................................................... 8
9 Enter the total amount of contribuons made to your qualied accounts in all taxable years .............. 9
10 Divide line 8 by line 9 (carry to ve decimal places). If line 8 is more than line 9, enter 1 ................. 10
11 Enter the total amount of subtracons claimed in prior years on Schedule M1M ....................... 11
12 Divide line 11 by line 9 (carry to ve decimal places). If line 11 is more than line 9, enter 1 . . . . . . . . . . . . . . . 12
13 Mulply line 10 by 50% (.50), then mulply the result by line 7. Round amount to the nearest whole dollar. 13
14 Mulply line 12 by 10% (.10), then mulply the result by line 7. Round amount to the nearest whole dollar. 14
15 Add lines 13 and 14. Enter here and include on line 14 of Form M1. Check the box for Schedule M1529 ... 15
2019 Schedule M1529, Educaon Savings Account
Contribuon Credit or Subtracon
Complete this form to claim either the credit or the subtracon. You cannot claim both.
9995
*191291*
.
.
Am I eligible?
You may be eligible for the credit or subtraction if you contributed to a qualied education savings account, regardless of the owner or
beneciary.
You do not qualify for the credit if you are a nonresident or are eligible to be claimed as a dependent.
What is a qualied educaon savings account?
A qualied education savings account is any state-sponsored section 529 college savings plan, including prepaid tuition plans.
What is a qualied expense?
A qualied expense for a section 529 college savings plan is a cost required to attend a post-secondary educational institution. Qualied
expenses do not include amounts paid for K-12 education expenses.
If you used a distribution from a 529 college savings plan for K-12 education tuition, you must include the lesser of distributions or the
earnings reported on Form 1099-Q from the college savings plan on line 13 of Schedule M1M.
Can I claim the credit and subtracon?
No. You may claim either the credit or the subtraction. You cannot claim both.
Is it beer to take the credit or subtracon?
It depends on your residency status, ling status, and income.
Full and part-year residents: If your Federal Adjusted Gross Income (FAGI) is $78,340 or less, the credit will generally provide a
greater benet for you. If your FAGI is more than $78,340 but less than the $103,340 ($166,010 if you are ling a joint return), complete
the Worksheet for Line 5. You will generally benet more by claiming the credit if the result from the worksheet is more than the amount
below for your ling status:
• Single: $118
• Married ling joint: $212
• Head of Household: $106
• Married ling separate: $118
If your ling status is married ling joint and your FAGI is more than $166,010 ($103,340 for all other ling statuses), you are not eligible
for the credit. However, you may be eligible for the subtraction.
Nonresidents or individuals eligible to be claimed as a dependent: You are not eligible for the credit. However, you may be eligible for
the subtraction.
Do I need proof of my contribuons?
Yes. Save canceled checks and keep a detailed record of your contributions (such as brokerage and account statements). We may ask you to
show these records if we have questions.
If you claim the credit or subtraction, maintain a record of the amounts claimed as long as any education savings account is open.
Line Instrucons
Round amounts to the nearest whole dollar.
Line 1
Enter the nancial institution, account number, and amount you contributed in 2019 for each qualied education savings account. Include a
list of additional accounts on a separate sheet of paper if you contributed to more than ve accounts.
Line 2
Enter the total amount of all distributions from accounts that, during the year, you:
• Were listed as an account owner or beneciary
• Made a contribution to
Distributions are generally reported on federal Form 1099-Q.
Line 4
If you are taking the subtraction instead of the credit, stop here; enter this amount on line 38 of Schedule M1M, Income Additions and
Subtractions. You may not claim both the credit and the subtraction.
2019 Schedule M1529 Instrucons
Continued
Line 5
If you are taking the credit instead of the subtraction, skip line 4; enter this amount on line 4 of Schedule M1C, Nonrefundable Credits. You
may not claim the credit if you claim the subtraction, are eligible to be claimed as a dependent, or are a nonresident.
Worksheet for Line 5 (529 Credit)
1 Enter the amount from line 3 ........................................................................
2 Multiply the amount from step 1 by 50% (.50) ..........................................................
3 Enter the amount from line 1 of Form M1..............................................................
4 If step 3 is less than $78,340, skip steps 5-9 and enter $500 on step 10.
If step 3 is $78,340 or more, use the table below to determine steps 5, 7, and 9 for your ling status.
Married ling jointly
If step 3 is:
Over But Not Over Use for Step 5 Use for Step 7 Use for Step 9
$78,340 $103,340 $78,340 0.01 $500
$103,340 $141,010 $0 0.00 $250
$141,010 — $141,010 0.01 $250
All other ling statuses
If step 3 is over $78,340: Use for Step 5 Use for Step 7 Use for Step 9
$78,340 0.02 $500
5 Enter the appropriate amount for this step from the table above.............................................
6 Subtract step 5 from step 3 .........................................................................
7 Enter the appropriate amount for this step from the table above. ............................................
8 Multiply step 6 by step 7 ...........................................................................
9 Enter the appropriate amount for this step from the table above. ............................................
10 Subtract step 8 from step 9 .........................................................................
11 Enter the amount from step 2 or step 10, whichever is less. Enter this amount on line 5 of Schedule M1529 .........
Quesons?
Forms and information are available on our website at www.revenue.state.mn.us.
If you have questions:
• Visit our website at www.revenue.state.mn.us and enter Education Savings in the Search box
• Send us an email at individual.incometax@state.mn.us
• Call us at 651-296-3781 or 1-800-652-9094
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2019 Schedule M1529, Educaon Savings Account Contribuon Credit (Minnesota Department of Revenue)

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Completed 29 July 2020

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