I have almost the same question:
We contributed 5000 for each of my children to a total of $10000, one of the children was in college (freshman). We used his MESP account to pay for tuition + room and board so we took a 29.000 withdrawal from his MESP account.
How do we report it? I added the 10000 as contributions but there is a line later asking for the withdrawals from MESP and I am not sure if I should add that amount here or not (reading the instructions in the MI State brochure)
It seems to me that we can only deduct the $5000 contribution from the other account from which there was no distribution. Is this correct? If we cannot deduct the contributions to this account ( from which we will be taking money out every semester in order to pay for college) should we contribute $10000/year to the minor sibling account? In other words, are we not getting a tax advantage anymore once the child goes to college and starts withdrawing money from his MESP?
Thank you for your time and assistance.
