Treasurer Schmitt holds Facebook Live Townhall to discuss the recent expansion of the MOST 529 program
Monday, February 5, 2018
JEFFERSON CITY, Mo — Missouri State Treasurer Eric Schmitt held a Facebook Live Townhall on Thursday to discuss the recent expansion of Missouri’s MOST 529 Savings Plan. The event included a discussion about what the changes mean for Missouri families, how the plan can be utilized and how to sign up for an account.
The full video is available here: http://bit.ly/2BOFNUW
MOST 529 is a tax-advantaged program that empowers Missouri families to save for a child’s K-12 tuition and other qualified higher education expenses. Missourians who contribute to MOST 529 accounts are eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in 529 accounts are not subject to federal income tax, so long as funds are spent on qualified expenses.
Prior to the passage of federal tax reform in December 2017, MOST 529 plans were limited to higher education expenses. Under the new provision, MOST 529 account owners can spend up to $10,000 annually on tuition expenses at public, private or religious elementary or secondary schools.
The townhall featured a special message from United States Senator Ted Cruz (R-Texas), who sponsored the amendment to the Tax Cuts and Jobs Act that added K-12 tuition to eligible 529 expenses.