About 529 Plans
To view your transaction history, log in to your account, click “View Details” for your beneficiary, and scroll down to the transactions section. If you are an account owner, you can speak to one of our college savings specialists at 1-866-529-8818, Monday through Friday, 8:00 AM to 6:00 PM ET. If you are a Financial Professional, please call 1-800-752-8700, Monday through Friday, 8:00 AM to 7:00 PM ET.
There are no annual maintenance or set-up fees. The total annual asset-based fee for each Investment Option ranges from 0.68% to 1.43% for A units (excluding the Principal Plus Interest Option). The Plan Manager is paid a plan management fee at an annual rate of 0.32% of the average daily net assets of each of the Investment Options (excluding any assets in the Principal Plus Interest Option).
A State administrative fee is paid to the Michigan Department of Treasury at an annual rate of 0.05% of the average daily net assets. For details on the management fee, please see fees and expenses.
No. The money in your account may be used at any eligible educational institution in the United States and some abroad. This includes public and private colleges and universities, trade schools, graduate schools, and professional schools.
For more on qualifying expenses and the state tax treatment of withdrawals for these expenses, refer to Plan Details and Information.
To update your profile information online, including payment information, login here or call the Plan at 1-866-529-8818, Monday through Friday, 8:00 AM to 6:00 PM ET.
Individual 529 accounts have one owner and one named beneficiary.
Yes, you can transfer funds from another 529 college savings plan to your MI 529 Advisor Plan account for the same beneficiary once within a 12-month period without incurring a taxable event. The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. You should consult your tax advisor or the other 529 college savings plan. State and local taxes may apply. For more information see: How to Manage an Incoming Rollover from another 529 Account.
Yes – funds may be redeposited to your account within 60 days of the refund without penalty should a student need to withdraw from a class. The recontributed amount cannot exceed the amount of the refund.
If there is no financial activity within your account, then statements will not be delivered via mail or email (depending on your delivery preference). However, Q4 statements will be delivered regardless of financial activity. You can log into your account at any time to view quarterly statements.
Anyone with a valid Social Security number or Taxpayer Identification number can be the beneficiary, including the account owner.
Yes, a beneficiary may have more than one MI 529 Advisor account. However, an account owner can have only one account for each beneficiary.
For example, a beneficiary may have an account owned by their parent, and/or their grandparent, and/or their aunt, etc. There is an overall maximum account balance limit of $500,000 which applies to all accounts opened for a beneficiary.
Yes, you can change your beneficiary at any time or transfer a portion of your investment to a different eligible beneficiary. The new beneficiary must be an eligible member of the previous beneficiary’s family. For more information see: Change your beneficiary.
Performance data for the MI 529 Advisor investment options is available here: Historical Data.
MI 529 Advisor offers you a choice of investment portfolios. These portfolios vary in investment strategy and degree of risk, allowing you to select a portfolio or combination of portfolios that fit your needs. To see the list of investment portfolios, brief descriptions and associated fees and expenses, visit Researching Investments. For more information on the investment objectives, risks, charges and expenses, read the Plan Description (PDF).
Yes, each time you make a contribution you may select from any of the MI 529 Advisor investment portfolios. Once invested in a particular portfolio, contributions and earnings may be transferred to another portfolio twice per calendar year or upon transfer of funds to a Plan account for a different eligible beneficiary (see the Plan Description for more information). To transfer funds between portfolios, log in to your MI 529 Advisor account, click “View Details” for your beneficiary, then choose “Change investment options.” You may also request and submit by mail the Change of Investment Form.
No, plan contributions are not deductible for federal income tax purposes.
Plan contributions are always made after-tax.
There is no maximum contribution amount. However, there is an overall maximum account balance limit of $500,000, which applies to all accounts opened for a beneficiary in the MI 529 Advisor Plan. Accounts that have reached the maximum account balance limit may continue to accrue earnings.
You can contribute to a MI 529 Advisor Plan account by one of the following: check, an electronic funds transfer, establishing a recurring contribution, establishing payroll direct deposit, or a rollover from another 529 College Savings Plan Account, Coverdell Education Savings Account or qualified U.S. savings bond. Your contribution will be invested according to your Allocation instructions. For more information, click here.
If you wish to make contributions to your MI 529 Advisor account from your paycheck, first ask your employer if payroll direct deposit is available, then log in to your MI 529 Advisor account and follow the “Payroll Direct Deposit” instructions found by clicking the Profile & Documents link or request and submit the appropriate form by mail.
Please see our Forms & Resources page for more payroll direct deposit information.
If you have forgotten your username, please click here.
If you have forgotten your password, please tell us your username and registered email address here.
To change your password, log in here, and enter your current and new passwords.
If you have forgotten both your username and password, first retrieve your username by clicking here. Once you have received your username, enter it on the Log In page and click Continue. On the password page click on the Forgot password? link, and follow the instructions to create a new password.
If your account has been locked, please contact the Plan at 1-866-529-8818, Monday through Friday, 8:30 AM to 6:00 PM ET. We can assist you with unlocking your account. We apologize for the inconvenience.
To sign up for e-delivery, log in here, and click on Edit Delivery Preferences.
For information, please click here.
Michigan taxpayers may also be eligible for a Michigan income tax deduction on contributions made to MI 529 Advisor Plan account up to $10,000 for married couples filing jointly or $5,000 for individuals filing single per year. A Michigan taxpayer is permitted a deduction from Michigan adjusted gross income for a contribution to an account less any Qualified Withdrawals made during the tax year. Amounts transferred from another 529 college savings plan are not eligible for the Michigan income tax deduction.
You should talk to a qualified tax advisor about how Michigan tax provisions affect your circumstances.
When you contribute to the MI 529 Advisor Plan, your account earnings can grow federal and Michigan income tax-deferred until withdrawn. In addition, distributions used to pay for qualified higher education expenses will be free from federal and Michigan income tax.
Contributions to a MI 529 Advisor Plan account may help reduce the taxable value of your estate. For more information about gifting, please click here.
The earnings portion of a non-qualified withdrawal is subject to state and federal income tax and the 10% federal penalty tax on earnings (the “Additional Tax”). See the Plan Description for details.
If you are taking a withdrawal to pay for qualified higher education expenses of the beneficiary, there will be no federal or state income tax. Find out how to make a withdrawal.
Assets in a parent owned 529 account have less of an impact on financial aid than some other savings methods. "Expected Family Contribution" (EFC) calculations generally factor parent assets outside of retirement savings at approximately 5% whereas student assets are generally factored in at 20% or more. Therefore, a parent owned 529 account has less of an impact on financial aid eligibility than assets owned by the student.
For more information, please click here.
If the beneficiary receives a scholarship that covers the cost of qualified expenses, you can withdraw the funds from your account up to the amount of the scholarship without incurring the 10% federal penalty tax on the earnings portion. However, the earnings portion will be subject to federal and state income tax. If the amount withdrawn exceeds the amount of the scholarship, the earnings portion of the amount withdrawn will be subject to the additional 10% federal penalty tax. Please consult with a qualified tax advisor or consultant.
Examples of Taxable Withdrawals are: a beneficiary’s death, permanent disability, receipt of a scholarship award, or attendance at a military academy. A taxable withdrawal will be subject to applicable state and federal income tax on earnings, if any, but will not be subject to the 10% additional federal penalty tax on earnings (the “Additional Tax”).
See the Plan Description for additional information.
To view your transaction history, log in to your account or contact the Plan at 1-866-529-8818, Monday through Friday, 8:00 AM to 6:00 PM ET.
Qualified higher education expenses include: tuition, certain room and board expenses, fees, books, supplies, and equipment required for the enrollment and attendance of the Beneficiary at an eligible educational institution, which includes most post-secondary institutions. Computers and related technology such as internet access fees, software or printers are also qualified education expenses when used primarily by the beneficiary when enrolled at an eligible educational institution.
Qualified higher education expenses also include certain additional enrollment and attendance costs at eligible educational institutions of a beneficiary with special needs.
The beneficiary must be enrolled at least half time at an eligible post-secondary institution. For students living in housing owned and operated by the institution, the full invoice amount will be used to determine the qualified room and board expenses. For those students living at home or in off-campus housing, the “cost of attendance” allowance for the individual institution will be used for the qualified room and board expenses.
Computers and related technology such as internet access fees, software or printers are also qualified education expenses. The student must be the primary user of the equipment.
Federal tax treatment of 529 plan qualified higher education expenses or QHEEs includes the repayment of up to $10,000 (including principal and interest) on any qualified education loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary. To be a qualified expense, the loan repayment amount for an individual is subject to a lifetime limit of $10,000.
Please see the state tax treatment of withdrawals used toward student loan repayment here.
A non-qualified withdrawal is any withdrawal that does not meet the requirements of being: (1) a qualified withdrawal; (2) a taxable withdrawal; or (3) a rollover. The earnings portion of a non-qualified withdrawal is subject to state and federal income taxation, and the additional 10% federal penalty tax. See the Plan Information and Details section for more info.