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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.
For more information about MPACT visit the official website.