The Michigan Education Savings Program has increased the amount of total contributions up to a maximum account balance of $235,000 for any one beneficiary.

• If you purchased a Michigan Education Trust (MET) contract during 2004, you may deduct the total contract price (including the enrollment fee).
• If you purchased a MET payroll deduction or monthly purchase contract, you may deduct the amount paid on that contract during 2004 (not including fees for late payments or insufficient funds). You should receive an annual statement from MET specifying this amount.
• If you purchased a MET contract between 1988 and 1990 with a MET secured loan and have not deducted the total contract price, you may deduct the principal amount paid on the secured loan during 2004.
• The amount included in AGI as income to the purchaser because the MET contract was terminated.
• Any part of a qualified withdrawal from a Michigan Education Savings Program account included in AGI.

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