Carrie’s 20 Days of Tax Tips – Day 14

It’s Never to Early to start saving for College –

Consider contributing to the Coverdell, or a 529 plan, which in Michigan would be the MESP. Remember contributions to the MESP are deductible up to $10,000 (joint) or $5,000 (single) from Michigan taxes, if the contribution is made before 12/31/17.  The Tax Cut & Jobs Act, if passed, would allow, beginning in 2018, up to $10,000 of pre-college educational expenses to be paid from a 529 plan, enhancing their appeal as educational savings vehicles.

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