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  • JB14
    replied
    That's a nice amount in MI. In MN, we only get $3000 per married couple. Doesn't seem to matter how many kids you have. I'll take it, though!

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  • vijayash01
    replied
    Thank you. Appreciate your prompt response. I went ahead and opened up 529 plan with Michigan today. Plan is to contribute 10K to get state income tax deductions for this year. btw, I lived in Minnesota for almost 18 years :-)

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  • JB14
    replied
    Just leave it in the Michigan 529 when/if you move and start another one in a different state. Could be the state you move to if they offer a tax deduction (not every state does), or if you move to Minnesota, for example. we get the tax deduction no matter what state's 529 we contribute to, so I chose Utah when our first kid was born 8 years ago. There's no limit on the number of 529 plans you have per kid.

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  • vijayash01
    started a topic 529 Plan

    529 Plan

    Hello,
    Currently my wife is doing her Family Medicine residency in Michigan (she will complete her residency in Jun-July 2023) and who knows where we will end up moving after her residency. We have a 2 year old and Michigan plan does offer 10,000 tax deductions but they told me that I could be subject to state income tax recapture if I rollover this plan to the state we move? Reason to rollover to different state is because I will no longer be getting those state income tax deductions in future (as we will no longer be MI residents). Still make sense to go with Michigan 529 plan? Should I not consider tax breaks as one of the criteria?
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