News and Events
News and Reviews
- MESP Launches New Mobile Phone Application
- New Report Recognizes Michigan College Savings Program Among Nation's Best 529 Plans
- College Savings Plans Network Quashes Myths and Encourages Families to Plan Ahead on "529 College Savings Day"
Don't Miss the December 31st Tax Deduction Deadline
You may be eligible to deduct up to $5,000 ($10,000 for married couples filing jointly) from your 2010 Michigan taxable income by contributing to the Michigan Education Savings Program (MESP) before December 31st. *Contribution checks must be postmarked by December 31st to meet the tax deadline. Online contributions made prior to 11:59 p.m. (ET) on December 31st will also count towards the 2010 tax year.
Michigan taxpayers are permitted a deduction on their Michigan income tax returns from adjusted gross income up to a maximum of $5,000 for an individual filer and $10,000 for joint filers for contributions made during the tax year to MESP accounts, less qualified withdrawals during such year, calculated on a per account basis. The amount of contributions less qualified withdrawals calculated for each such account cannot be less than zero.
Rollovers from another qualified tuition program are not considered eligible contributions for purposes of the deduction. Non-qualified withdrawals by a taxpayer from an account may, under certain circumstances, be included in the taxpayer's taxable income for Michigan income tax purposes up to the amount of any contributions previously deducted.
*Please read the Disclosure Booklet for full details on the state tax deduction guidelines.
News Archive
- Saving for College? Treasury and IRS Increase Flexibility for 529 Plans
- MET and MESP Celebrate Alumni Days at The Henry Ford
- MESP fee reduction means more college savings for families
- MESP Adds Four New Investment Options
- Michigan Celebrates College Savings Month
- MESP Tops $1 Billion in Assets
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