Saving money for private school tuition or higher education can be a daunting task. During this “America Saves Week”, State Treasurer Scott Fitzpatrick says to start saving as soon as you can. He suggests opening a 529 Education Savings Account through his office – a tax-advantaged investment account for K-12 and higher education expenses.
Fitzpatrick says Missouri has one of the most generous tax deduction opportunities with this program – up to $8,000 per person or $16,000 if you’re married filing jointly.
Missouri Higher Education and Workforce Development Commissioner Zora Mulligan says every little bit you save will help and suggests opening a 529 Education Savings Account through the state – a tax-advantaged investment account for K-12 and higher education expenses.
Mulligan says a MOST account would not reduce a student’s eligibility for Pell grants, or for state-funded financial aid known as Access Missouri and A Plus. For K-12 expenses, the money can be used for tuition but not for supplies or electronics.