Using 529 Plans for Private School in Michigan
Using 529 Plans for Private School in Michigan - Federal Rules & Limits Annual withdrawal limit for K-12 expenses: $10,000 per beneficiary Qualified expenses covered: Private school tuition only Must be for elementary or secondary education (K-12) School must meet state requirements Tax treatment: Federal tax-free withdrawals for qualified expenses No federal tax deduction for contributions Earnings grow tax-free Michigan State Benefits State tax deductions: Single filers: Up to $5,000 annually Joint filers: Up to $10,000 annually Michigan Education Savings Program (MESP) features: Direct-sold plan Managed by TIAA-CREF No minimum contribution requirement $500,000 maximum aggregate contribution limit State tax advantages: Deductions apply regardless of using funds for K-12 or college State tax-free growth State tax-free qualified withdrawals Available Michigan 529 Plans Michigan Education Savings Program (MESP): Lower fees than advisor-sold pl...