Saving for College the Smart way - 529 Plans          

 

Mississippi 529 Plans

Mississippi offers three 529 college savings plans, a direct plan, an advisor-sold plan, and a pre-paid tuition plan called Mississippi Affordable College Savings (MACS), Mississippi Affordable College Savings (MACS), and Mississippi Prepaid Affordable College Tuition Program (MPACT) respectively.

Mississippi Affordable College Savings (MACS)

MACS is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct – this Mississippi 529 plan can be purchased directly from the state.

Fund Family: TIAA-Cref

Minimums: To get started you can deposit $25, or if you choose to use the payroll deduction plan, you can open an account with $15. Minimum subsequent contributions are $25 and $15 with payroll deduction.

Maximum Contributions: Currently, you can contribute to your Mississippi 529 plan until the balance reaches $235,000. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for Mississippi residents - by investing in your state's 529 plan, you can deduct up to $10,000 on your state income taxes for single filer and $20,000 for married filers. You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: MACS is open to all United States residents, not just those in Mississippi.

You can learn more about this Mississippi 529 plan at the official website http://www.collegesavingsms.com.

 

Mississippi Affordable College Savings (MACS) - Advisor

The advisor version of the program closed down on May 17, 2013.

Mississippi Prepaid Affordable College Tuition Program (MPACT)

Mississippi also offers a pre-paid tuition plan that lets you lock in today's rates for college. It can be used at Mississippi’s public colleges, private or out-of-state schools around the country. However, private and out-of-state college expenses will be prorated and may not be fully covered.

For more information about MPACT visit the official website.

 

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