Minnesota 529 Plan Calculator

2026

Minnesota 529 plans in 2026: deduction of up to $1,500 ($3,000 on a joint return), per return; contributions to any state's plan qualify. Project your college savings growth.

By Konstantin Iakovlev · Updated October 19, 2026 · Methodology

years
years
$
$
%
$
years

Total College Cost

$176,766.87

With 4% inflation

Projected Savings

$58,861.83

Funding

33%

Funding Gap

$117,905.04

Monthly Needed to Fully Fund

$750.77

529 Plan Projection

Years Until College13 years
Total College Cost (with inflation)$176,766.87
Current Balance$0.00
Total Contributions$39,000.00
Investment Growth+ $19,861.83
Projected Savings at College$58,861.83
Funding Gap$117,905.04
Monthly Contribution Needed$750.77

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

Minnesota 529 State Tax Benefit (2026)

Deduction of up to $1,500 ($3,000 on a joint return), per return.

Any state's 529 plan qualifies, including prepaid tuition plans.

Instead of the subtraction, you can take a nonrefundable credit of 50% of net contributions, up to $500. It phases out from $96,220 of AGI to zero at $121,220 ($198,200 joint), using 2025 thresholds; 2026 figures are not yet published. Not for nonresidents or dependents.

Any contributor can claim. Contributions count net of withdrawals in the same year. K-12 tuition is not qualified in Minnesota: K-12 withdrawals are added to income, and nonqualified withdrawals recapture 10% of prior subtractions or 50% of prior credits.

Minnesota Tax & Education Facts (2026)

State Income Tax progressive (up to 9.85%)
529 State Tax Benefit Deduction of up to $1,500 ($3,000 on a joint return), per return
Plans That Qualify Any state's 529 plan
State Plan Minnesota College Savings Plan (Minnesota 529, TIAA-FSI)
State Sales Tax 6.88%
Avg. Property Tax Rate 0.99%

Official Sources:

Other Minnesota Calculators