Type: Direct – this Maryland 529 plan can be purchased directly from the state.
Fund Family: T. Rowe Price
Minimums: To get started you can deposit $250 or just $25 if you choose to use the automatic monthly plan. The minimum subsequent contribution is $25.
Maximum Contributions: Currently, you can invest until your account balance reaches $320,000 in your Maryland 529 plan. 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 Maryland residents – by investing in your state’s 529 plan, you can deduct up to $2,500 on your state income taxes per beneficiary. 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: The Maryland College Investment Plan is open to all United States residents, not just those in Maryland
You can learn more about this Maryland 529 plan at the official website.
For more information about Maryland Prepaid College Trust visit the official website.
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