Missouri MOST 529 plans allow Missourians to save tax-free for higher education expenses like tuition, books and living expenses.
Additionally, parents can use money in a 529 plan to pay for K-12 tuition.
In Missouri, contributions of up to $8,000, or $16,000 if married and filing jointly, per year can be deducted from state income taxes.
“As Missouri children head back to school, I know parents are thinking about their budgets — whether it is buying notebooks and markers, new backpacks and sneakers or the payment of the tuition bill,” State Treasurer Scott Fitzpatrick said. “I want families to know that no amount is too small and that any money put aside for future education is better than no money. At the same time, I want parents who pay for private schools to know that even if they feel they can’t save for the future, a 529 account can help them save and invest money today. MOST 529 accounts can be a valuable tool for Missouri families.”
The treasurer’s office is also sponsoring a sweepstakes that will award five $529 scholarships in the form of MOST 529 accounts. It runs through Sept. 15.
Missourians can enter at missourimost.org/sweepstakes.