Missouri 529 education savings programs
E926193
Missouri 529 education savings programs are state-sponsored, tax-advantaged investment plans that help families save and pay for future education expenses for beneficiaries.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
529 college savings plan
ⓘ
state-sponsored investment plan ⓘ tax-advantaged education savings program ⓘ |
| accountOwnerControl | account owner retains control of assets ⓘ |
| administeredBy | Missouri State Treasurer NERFINISHED ⓘ |
| beneficiary | designated student ⓘ |
| beneficiaryChangeAllowed | true ⓘ |
| beneficiaryChangeRule | beneficiary can be changed to another eligible family member ⓘ |
| benefitFor |
account owners
ⓘ
beneficiaries ⓘ |
| contributionLimit |
no annual federal contribution limit other than gift tax rules
ⓘ
subject to federal gift tax exclusion thresholds ⓘ |
| contributionSource | after-tax dollars ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| eligibility |
available to residents of Missouri
ⓘ
generally available to nonresidents subject to plan rules ⓘ |
| eligibleUse |
books
ⓘ
certain K-12 tuition expenses ⓘ certain apprenticeship program expenses ⓘ certain room and board costs ⓘ certain student loan repayments ⓘ equipment ⓘ fees ⓘ qualified higher education expenses ⓘ supplies ⓘ tuition ⓘ |
| governedBy | Section 529 of the Internal Revenue Code NERFINISHED ⓘ |
| investmentOption |
age-based portfolios
ⓘ
individual investment options ⓘ static portfolios ⓘ |
| nonQualifiedWithdrawalConsequence |
subject to additional federal penalty tax on earnings
ⓘ
subject to income tax on earnings ⓘ |
| penaltyException | certain penalty exceptions may apply (e.g., scholarships, death, disability of beneficiary) ⓘ |
| purpose | saving for future education expenses ⓘ |
| regulationLevel |
federal
ⓘ
state ⓘ |
| riskCharacteristic |
investment returns not guaranteed
ⓘ
principal not guaranteed ⓘ |
| savingsGoal |
pre-fund education costs
ⓘ
reduce future student loan debt ⓘ |
| state | Missouri ⓘ |
| taxAdvantaged | true ⓘ |
| taxReporting | reported to IRS on applicable tax forms ⓘ |
| taxTreatmentFederal |
earnings grow tax-deferred
ⓘ
qualified withdrawals are federal income tax-free ⓘ |
| taxTreatmentState | Missouri state income tax deduction for contributions (subject to limits) ⓘ |
| withdrawalType |
non-qualified withdrawal
ⓘ
qualified withdrawal ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.