20 Feb Save4College MD State Contribution Program
Save4College State Contribution Program
For Maryland families saving for college for their children or grandchildren, you may be interested in checking out the “Save4College” State Contribution Program. This program provides direct contributions to your MD 529 account from the State of Maryland of either $250 or $500 depending on your income. Minimum contributions from account holders are also required.
This year’s application period recently opened and will continue through May 31, 2024.
The program has a Maryland Adjusted Gross Income eligibility maximum of $112,500 for Individuals and $175,000 for Joint taxpayers based on the previous taxable year.
There are additional eligibility requirements, so for complete information and to apply, visit: https://maryland529.com/save4college
Feel free to reach out to us if you have general questions about saving for college and to explore other options that may be available to you.
Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors.
As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover education costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.
Favorable state tax treatment for investing in Section 529 college savings plans may be limited to investments made in plans offered by your home state. Investors should consult a tax advisor about any state tax consequences of an investment in a 529 plan.