KMZU’s Sandi Wilson had the honor of speaking with Missouri State Treasurer Clint Zweifel about the MOST 529 savings plan for higher education. To hear the complete interview click the link below.
Clint Zweifel talks about what a MOST 529 savings plan is.
There is some work that goes into saving for higher education.
It is never too early to start saving for college. Missouri State Treasurer Clint Zweifel has announced the state will be giving away a $5290 in a MOST 529 savings plan. Missouri residents 18 years or older can enter to win the account for a child who is a minor. You can enter from May 1-31 and the winner will be notified the first week of June. Account owners may deduct up to $8000 in contributions each year in computing their Missouri state income tax and married couples filing jointly may deduct up to $16000 annually. However, earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax.
Press Release From The Office Of The Missouri State Treasurer
JEFFERSON CITY, Mo. – Missouri State Treasurer Clint Zweifel (ZWY-ful) announced today MOST—Missouri’s 529 College Savings Plan will be awarding one lucky family $5,290 in a MOST 529 account.
“Missourians are saving more for higher education with MOST 529 than ever before,” Treasurer Zweifel said. “They know the impact it can have on the lives of children in our state and this giveaway encourages that commitment. This $5,290 MOST account will go a long way toward higher education expenses and can make a real difference for one Missouri family.”
Missouri residents 18 years or older can enter to win the $5,290 MOST 529 account for a child who is a minor. To enter, visit MissouriMost.org. Missourians can enter from May 1-May 31. The winner will be notified the first week of June.
Treasurer Zweifel will be visiting schools around the state throughout the month of May to discuss the importance of higher education with elementary school students.
“I was the first person in my family to attend college and I understand how overwhelming it can all be for a family,” Treasurer Zweifel said. “Children should dream big and know what it takes to achieve those dreams. Investing in themselves over time by committing to their studies, volunteering in their community, and participating in sports can really add up.”
More than $2 billion is invested in MOST 529 Direct Plan accounts by more than 129,000 account owners, both an all-time high. To learn more about MOST 529, visit MissouriMost.org or call 888-414-MOST (888-414-6678). The MOST 529 plan offers federal and state tax benefits, low costs and flexible ways to contribute.
About MOST 529
State Treasurer Clint Zweifel sponsors MOST 529, a tax-advantaged program that enables families to save for a child’s higher education. MOST 529 is an affordable, low-cost, tax-deferred way to save for higher education expenses. Investments in the plan can be used towards many qualified higher education expenses, including tuition, certain room and board expenses, books and mandatory fees at most four-year colleges and universities, many two-year institutions and vocational schools, and some schools abroad. In addition, savings in MOST 529 can be used towards associate’s, bachelor’s, and advanced degrees. Account owners may deduct up to $8,000 in contributions each year in computing their Missouri state income tax and married couples filing jointly may deduct up to $16,000 annually. Contributions to the Plan in a tax year are deductible from Missouri state income tax up to certain limits, but may be subject to recapture in subsequent years if you make a nonqualified withdrawal.
Investment returns are not guaranteed, and you could lose money by investing in the Plan.
Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.
The Missouri Higher Education Savings Program (the “Program Trust”) is a trust created by the State of Missouri. When you invest in MOST—Missouri’s 529 College Savings Plan (the “Plan”), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board (the “Board”). Upromise Investments, Inc., and Upromise Investment Advisors, LLC, serve as the Program Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations. The Vanguard Group, Inc., serves as Investment Manager for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan’s portfolios, although they invest in mutual funds, are not mutual funds.