Skip to main content
January 29, 2021
Question

I deposited 25000 into my kids 529 MESP, it says i can only put 10,000. What do i do?

  • January 29, 2021
  • 1 reply
  • 0 views
I live in michigan. It says for joint filing, i can up to 10,000. Do i just put that number in even though i deposited 25000

1 reply

January 29, 2021

Contributions to a Michigan's 529 savings plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Michigan taxable income.

 

Your Michigan 529 plan deduction is limited to $10,000 even if you contributed more. Just enter $10,000 for the 529 deduction on your Michigan state return.

 

529 plan contributions are not deductible at the Federal level.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"