JEFFERSON CITY, Mo. — Missouri’s state treasurer is preparing to hit the road to promote tax-free college savings accounts ahead of the start of the academic year.
Scott Fitzpatrick will visit Kansas City, St. Louis, Springfield, and Cape Girardeau starting next week to tout the benefits of Missouri’s MOST 529 higher education savings plan. The Treasurer’s Office is also sponsoring a sweepstakes that will award five $529 scholarships in the form of MOST 529 accounts.
“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,” Fitzpatrick said in a statement. “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.”
The MOST 529 savings plan allows Missourians to put aside money tax-free for higher education — college, trade school, and graduate school — expenses such as tuition, books, and some living expenses. 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.
“At the same time,” Fitzpatrick added, “I want parents who pay for private schools to know that even if they feel they can’t save for the future, a 529 account can help them save and invest money today. MOST 529 accounts can be a valuable tool for Missouri families.”
Parents can use money in a MOST 529 plan to pay for K-12 tuition.
The 2019 Back-to-School Tour stops include: Kansas City on Aug. 13, St. Louis on Aug. 22, Springfield on Aug. 27, and Cape Girardeau on Aug. 28. Presentations will be open to the public, and anyone is welcome to attend.
The Treasurer’s Office is also sponsoring a sweepstakes that will award five $529 scholarships in the form of MOST 529 accounts. From Aug. 10 to Sept. 15, Missourians can enter the sweepstakes online.