What can I deduct in regard to my Michigan Education Trust (MET) contract?
You may deduct the following amounts:
- If you purchased a MET 529 prepaid tuition contract during 2020, you may deduct the total contract price (including the processing fee).
- If you made a charitable
contribution to the MET Charitable
Tuition Program during 2020, you
may deduct the total contribution
amount. You will receive a statement
from MET to confirm the amount.
- If you purchased a MET payroll deduction or monthly purchase contract or pay-as-you-go contract, you may deduct the amount paid on that contract during 2020 (not including fees for late payments or insufficient funds). You should receive an annual statement from MET specifying this amount.
- The amount included in AGI as income to the purchaser because the MET contract was terminated.