FOR
IMMEDIATE RELEASE
Contact: Caty Luebbert, 573-751-5390
JEFFERSON CITY, Mo. – As Missourians continue to file their tax returns in these
next few months, Missouri State Treasurer Vivek Malek recommends Missourians to
consider investing their refunds into tax-free MOST 529 Savings Accounts for
future education needs.
According
to the Missouri Department of Revenue, more than 1.7 million refunds were
issued by the state of Missouri in 2024, with the average refund amount at
$662.
“Making
every dollar count is important to Missouri families trying to get the best
educational experience for their children,” said Treasurer Malek. “MOST 529
Savings Accounts are a smart place to invest your tax refund. Even a few
dollars invested now can grow in value over the years, free of state or federal
taxes, and Missouri residents also get a state tax deduction up to $8,000 per
person, or $16,000 if married or filing jointly, for their contributions to
their children’s MOST 529 Savings Accounts.”
Families
may use their investments in a MOST 529 Savings Account to pay tuition for
K-12, registered apprenticeships, trade or vocational schools, two to four-year
colleges or universities, and graduate school. The money may also be used for
qualifying expenses such as books, supplies, room and board, and computer
equipment. The beneficiary can be changed at any time, provided that the new
beneficiary is an eligible family member of the original beneficiary. MOST 529
beneficiaries can also transfer unused funds up to $35,000 into Roth IRAs
without any tax or penalty, provided those accounts have been active for over
15 years.
Missouri’s
529 Education Plan has more than 196,000 funded beneficiary accounts with
assets totaling $4.5 billion. There is no minimum deposit required to open an
account, and it is easy for family and friends to contribute through a “Ugift”
code the account holder creates.
Since
Treasurer Malek was sworn into office in January 2023, MOST 529 Savings
Accounts have increased by five percent. Currently,
23% of plan distributions are being used to pay for K-12 education in Missouri.
The MOST plan also allows you to send withdrawals to participating schools. Direct
to school payments increased by 34% in 2024.
For
more information about MOST 529 Savings Accounts, visit missourimost.org or call 888-414-MOST (888-414-6678).
