Saving for College the Smart way - 529 Plans          

 

Missouri 529 Plan

Missouri offers two 529 college savings plans, a direct plan and an advisor-sold plan called MOST – Missouri’s 529 College Savings Plan and MOST – Missouri’s 529 College Savings Plan respectively.

MOST – Missouri’s 529 College Savings Plan

MOST – Missouri’s 529 College Savings Plan 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 Missouri 529 plan can be purchased directly from the state.

Fund Family:  Vanguard

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

Maximum Contributions:  Currently, you can contribute to your Missouri 529 plan until the combined balance in your Missouri 529 accounts reaches $325,000.  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 Missouri residents - by investing in your state's 529 plan, you can deduct up to $8,000 on your state income taxes for single filer and $16,000 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.

Other Benefits:  Through your MOST plan, you have the option to be a part of a reward program set up by Upromise®. By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.

Additionally, the MOST 529 offers a matching grant program to qualified individuals.

Residency:  MOST is open to all United States residents, not just those in Missouri.

You can learn more about this Missouri 529 plan at the official website https://missourimost.s.upromise.com/.

 

MOST – Missouri’s 529 College Savings Plan (Advisor)

MOST – Missouri’s 529 College Savings Plan 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:   Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family:  Various

Minimums:  Contact advisor

Maximum Contributions:  Currently, you can contribute to your Missouri 529 plan until the combined balance in your Missouri 529 accounts reaches $325,000.  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:  By investing in your state's 529 plan, you can deduct up to $8,000 on your state income taxes for single filer and $16,000 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.

Other Benefits:  Contact advisor

Residency:  The majority of 529 plans are open to all residents of the US.

You can learn more about this Missouri 529 plan at the official website http://most529advisor.uii.upromise.com/.

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