Montana 529 College Savings Plans

The Montana family education savings plan was created to help families everywhere saves for higher education. Saving for college has never been easier. The MFESP 529 college savings plan has many different benefits that offer great solutions to help pay for a child’s college tuition. These benefits help speed up the savings process. The need for higher education has never been more prevalent then today. This program offers a combination of tax benefits, low deposit amounts and great investment choices. The 529 program is a smart, flexible and effective way to save money for college.

Montana 529 College Savings Plans Tax Benefits

Unlike other savings plans the 529 college program offers many different tax benefits. These tax benefits can be used to stimulate the savings process and increase the earnings that you receive. Federal tax benefits include earnings that grow tax-free. Distributions taken out of the counts are also tax-free as long as they are used to pay for qualified higher education expenses. Earnings are also not taxed by the state of Montana.

Montana residents can deduct up to $3000 per taxpayer based upon yearly contributions. Married couples that file jointly can deduct $6000 per year. These tax savings are only offered to Montana residents. It is a great way to take advantage and save thousands of dollars on your annual income tax. Other college savings programs do not offer these tax advantages.

College Expenses covered with the MFESP 529 College Savings Plan

We all know that college tuition costs can be very expensive. There are some other expenses that parents sometimes forget saving for that can be just as costly. The MFESP 529 College Savings program takes these expenses into consideration. These expenses include tuition, fees, textbooks, supplies and even equipment required to attend a college university. Equipment can be classified as computers calculators and other items associated with the college experience.

What colleges are eligible with the Montana family education savings plan?

Eligible institutions include virtually all accredited, public, nonprofit and proprietary postsecondary educational college institutions. This means that your student can benefit whether he attends an in-state college or an out-of-state university. This flexibility offers students the options that they are looking for. This can be a major advantage for parents as they do not know which college their children will attend.

Control of Your Portfolio and your Account

When you open a 529 Montana savings account you have full control of your money. You decide how your money will be invested and who the beneficiary will be. You can change the beneficiary on the account once a year if needed. In some instances students retain scholarship money which allows parents to use the money saved for other children in their household. Controlling how your money is invested is crucial for you to accomplish your financial savings goals.

The MFESP 529 College Savings Plan is a great way for parents to start saving money for their children’s college tuition costs. Investing in higher education can be one of the smartest investments that you make in your lifetime. Take advantage of the many benefits that the state of Montana has created with the 529 college savings plan.

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