Does Missouri have a good 529 plan?
MOST - Missouri's 529 College Savings Plan, offers a convenient, flexible, and tax-advantaged way to save for a college education.
Does Missouri have a deduction for 529 contributions?
Your 529 account money grows tax-deferred. Contributions are tax deductible on your Missouri state income taxes (up to $8,000/$16,000 if married filing jointly). And, you aren't taxed on withdrawals to pay for qualified expenses. It's like a win-win-win.
Are college 529 plans worth it?
Is a 529 Plan Worth It? The advantages of a 529 plan make it a smart way to save for college in certain circumstances. For example, if you're sure you've got a child who's destined for higher education and you can afford to make contributions, the 529 plan is an excellent way to go.
How much can you contribute to a 529 plan in 2021?
In 2021, that means you can contribute up to $15,000 per beneficiary ($30,000 per married couple) to a 529 plan without having to pay gift taxes. If you set up more than one 529 plan this year, you can contribute up to $15,000 to each without having to file a gift-tax return.