Michigan Residents Can Make Tax-deferred Contributions To 529 Plans

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Nearly every state offers prepaid tuition 529 for families who wish to save money for their children's college expenses. The quality of each plan, in terms of the possible fees, rules and regulations will vary. Some plans allow the account owner to change beneficiaries, while others do not. Michigan residents will find that their earnings from the Michigan Education Savings Program are a tax-deferred way to pay for their child's college education. Federal and Michigan state income taxes are accessed to contributions when the money is withdrawn for qualifying expenses. The earnings are free from federal and state income taxes.

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    • This entry was posted on Sunday, August 3rd, 2008 at 3:43 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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