MOST is Missouri’s 529 college savings plan that allows account holders to save for educational expenses on a tax-deferred, and in many cases tax-free, basis.
Qualified higher-education expenses include tuition, fees, books, supplies, and equipment, including computers, certain peripheral equipment, internet access, related services, and computer software, if the items are to be used primarily by the student during enrollment or attendance at any eligible postsecondary school in the United States or abroad; certain room and board expenses during academic periods in which the beneficiary is enrolled at least half-time; and certain expenses for students with special needs.
Beginning in 2018, for federal tax benefit purposes, qualified expenses also include K–12 tuition of up to $10,000 per student per year in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. In addition, Missouri taxpayers can use MOST 529 assets to pay for K–12 tuition, with no state tax consequences.
For Truman employees, contributions to MOST can be set up automatically through payroll deduction. Contact Human Resources at 660-785-4031, email@example.com or in McClain Hall 101 for more information about payroll deduction.
For more information about MOST, visit the website. Below are some FAQs to help you get started.
However, if you’re a Missouri resident and move out of state, you’ll no longer be eligible to deduct your contributions for Missouri state income tax purposes.
Check with your current custodian to verify that it will accept our request for a rollover and to determine if any penalties will apply to the transaction. When you request a direct rollover using either the Enrollment Application (for new accounts) or the Incoming Rollover Form (for existing accounts), you must provide us with a statement from the plan custodian showing the basis and earnings amounts in the 529 account at the time of distribution.