MOST 529 Plan

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, 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.

Yes. While there can be only one beneficiary named for each account, you can open separate accounts for different beneficiaries.
The person you’re opening the account for (the beneficiary) must be a U.S. citizen or resident alien with a valid Social Security number or other taxpayer ID number. The beneficiary doesn’t have to be related to you. You can name yourself as beneficiary and use the money for your own education.
You can maintain your account and continue to make contributions no matter where you live in the United States.
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.
Yes. You may perform a tax-free rollover of a 529 account for the same beneficiary as often as once every 12 months. You may move money by direct rollover (money is transferred directly from your current 529 plan custodian to MOST 529) or by indirect rollover (you request a check for the amount from the current 529 plan custodian and reinvest it in MOST 529 within 60 days).
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.

Complete our Enrollment Application

Complete our Incoming Rollover Form