State Plan

Montana 529 Plan

Montana offers one 529 college savings plan, a direct and advisor-sold plan called Montana Family Education Savings Program.

Montana Family Education Savings Program

Montana Family Education Savings Program offers two different savings certificates of deposits: CollegeSure, a CD tied to the cost of college, and InvestorSure, a CD tied to the S&P 500 index.

Type: Direct and Advisor. This 529 plan can be purchased directly or through a financial advisor.

Fund Family: College Savings Bank and Pacific Life

Minimums: Minimums vary by account.

Maximum Contributions: Currently, you can contribute until your account balance hits $340,000 or the current cost that the beneficiary will reasonably incur for qualitifed higher education. 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 Montana residents – by investing in your state’s 529 plan, you can deduct up to $3,000 on your state income taxes for single filer and $6,000 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: Montana Family Education Savings Program is open to all U.S. residents, not only those in Montana.

You can learn more about Montana’s 529 plan at the official website.