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.
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