Mississippi 529 College Savings PlansMississippi offers several 529 college savings options.
Mississippi Affordable College Savings Program (MACS)The MACS program allows account owners to invest toward the educational expenses of a beneficiary. The earnings on these funds grow federal and state tax deferred. As long as the funds are used for approved educational expenses, they are federal and state tax free. Additionally, Mississippi taxpayers can deduct up to $10,000 ($20,000 if filing jointly) from their Mississippi adjusted gross income.
The Mississippi Affordable College Savings Program is managed by TIAA-CREF Tuition Financing, Inc. and includes several investment options.
Mississippi Prepaid Affordable College Tuition (MPACT) ProgramThe MPACT program allows you to purchase future years of tuition at today's rates. The funds can be used to pay for tuition at Mississippi colleges, universities and community colleges. You may also use the funds to attend other schools, including those out of state, but the entire tuition bill may not be covered. The funds from an MPACT account may not be used for books, transportation, room and board, or other college costs except tuition. For more information about the Mississippi Prepaid Affordable College Tuition (MPACT) Program visit http://www.collegesavingsmississippi.com/.
You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.
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