State treasurer encourages families to make the MOST of their education savings
As families send their kids back to school, Missouri State Treasurer Scott Fitzpatrick is encouraging parents to take advantage of a MOST 529 account, which is an investment account that can be used for education savings.
A 529 plan allows Missourians to save tax-free for higher education expenses like tuition, books, and some living expenses. The plan also allows parents to use the money 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,” Treasurer 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.”
Parents interested in taking advantage of a MOST 529 savings account can visit the State Treasurer’s website at https://www.missourimost.org/home/open-a-most-529-account.html for a quick guide to opening an account.
Right now the Treasurer’s Office is also sponsoring a sweepstakes that will award five $529 scholarships in the form of MOST 529 accounts. Beginning August 10, Missourians can enter at https://www.missourimost.org/home/mostsweeps.html. Entries can be submitted through September 15.
As always, it is an honor to serve you.
Allen Andrews, State Representative – District 1
Missouri State Capitol, 201 West Capitol Avenue, Jefferson City, MO 65101