The MI 529 Advisor Plan offers a variety of State tax benefits to Michigan residents who invest in the MI 529 Advisor Plan. Some of the State Tax Benefits are:
- Michigan residents can deduct contributions to the Plan from their State Adjusted Gross Income (AGI) for contributions up to $5,000 for single filers and $10,000 for joint filers. The contributor need not be the Account Owner to qualify for the deduction.*
- Contributions may be made up to December 31st to earn a deduction from Michigan income tax for the current tax year.
*Transfers from the Direct Program will not entitle the Account Owner or contributor to a State tax deduction or any other additional benefit under State or federal tax law.