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Do I need to live in the same state that I have my plan in?No. You may, for example, live in Michigan and have a Plan in Connecticut. If you move out-of-state, you have the option to keep your plan in the state you moved from. However, keep in mind each state's plan includes tax advantages only available to residents of that state. By not participating in the plan for the state where you're a resident, you will not be eligible for those tax incentives. You can always rollover your current 529 plan into another state's 529 account. |
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MICHIGAN EDUCATION SAVINGS PROGRAM MATCH PROMOTIONTerms and Conditions Offer Description: The Michigan Education Savings Program (MESP) is a 529 college savings plan offered by the State of Michigan and managed by TIAA-CREF Tuition Financing, Inc. ("TFI") (hereinafter collectively, the "Sponsor"). To receive a $50 matching deposit ("the Matching Deposit"), eligible individuals must: 1. Open a new MESP account (for a new Beneficiary) online at www.MIsaves.com/offer during the promotion period between 12:01 AM Eastern Time (ET) on September 1, 2019 and up to 11:59 PM ET on September 30, 2019* with an initial deposit of at least $500, as one lump sum, to be contributed and invested at the time the new MESP account is opened. The initial $500 deposit must be received within 10 business days after the account is established. -ORContribute to an existing MESP account by adding $500 or more, as one lump sum, during the promotion period. 2. Sign up for this special offer online at www.MIsaves.com/offer and provide the required information, including account/contact information. The account/contact information must exactly match the information used to open the new account (name, email address, zip code). The Matching Deposit will be made to the eligible MESP account on or before January 15, 2020. Limit: one Matching Deposit per account for a new unique Account Owner/Beneficiary combination. Void where prohibited or restricted by law. Eligibility: Offer open to legal residents of the 50 states of the United States who are at least 18 years of age or older and have a social security number or federal taxpayer identification number. The following are excluded: (a) members, officers, and employees of the State of Michigan who are directly involved in the management of MESP, TFI and its parent, subsidiaries, affiliates, owners, members, directors, managers, officers, employees, trustees, agents; and their respective immediate family members (spouse, domestic partner, parents, legal guardians, grandparents, grandchildren, siblings, children and "step" of each) and those individuals living in their same household; and (b) FINRA affiliated customers. All taxes and other costs associated with this promotion are solely the responsibility of the recipient and/or beneficiary. Beneficiary for the new MESP account cannot be a beneficiary of an existing MESP account for that account owner. Miscellaneous: The Sponsor is not responsible for errors, omissions, interruptions, deletions, defects, or delays in operation or transmission of information, in each case whether arising by way of technical or other failures or malfunctions or computer hardware or software, communications devices, data corruption, theft, unauthorized access to or alteration of offer materials, or otherwise. Sponsor reserves the right (a) to modify, suspend, or terminate this offer at any time for any reason, including any technical failure, unauthorized human intervention, or other causes beyond Sponsor's reasonable control that corrupt or adversely affect the security, administration, or proper conduct of this offer; and (b) to disqualify any individual who tampers with the offer process. *NOTE: This promotion is offered on a first come first served basis for a limited time. Sponsor has the right to withdraw and otherwise terminate the offer at any time during the promotion period. To learn more about MESP, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at aboutchet.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits for investing in its own 529 plan. No public funding is used for MESP marketing, promotions or contest awards. Funding for marketing is provided by the program manager, TIAA-CREF Tuition Financing, Inc. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Michigan Education Savings Program (MESP). VOID WHERE PROHIBITED |
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The Mass 529 is fine as long as you stick to the index fund choices. The non-index options are overpriced. You can deduct up to $2k as a couple per year which works out to a $100 deduction on your Mass state income tax form.
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Alabama $5,000 per parent ($10,000 joint)
Alaska No state income tax
Arizona $2,000 single or head of household/$4,000 joint (any state plan)
Arkansas $5,000 per parent ($10,000 joint)
California--
Colorado Full amount of contribution
Connecticut $5,000 per parent ($10,000 joint), 5 year carryforward on excess contributions
Delaware--
Florida No state income tax
Georgia $2,000 per beneficiary
Hawaii--
Idaho$4,000 single/$8,000 joint
Illinois $10,000 single/$20,000 joint per beneficiary
Indiana 20% tax credit on contributions up to $5,000 ($1,000 maximum credit)
Iowa $3,163 single/$6,326 joint per account
Kansas $3,000 single/$6,000 joint per beneficiary (any state plan), above the line exclusion from income
Kentucky--
Louisiana $2,400 single/$4,800 joint per beneficiary, above the line exclusion from income, unlimited carryforward of unused deduction into subsequent years
Maine $250 per beneficiary
Maryland $2,500 per account per beneficiary, 10 year carryforward
Massachusetts--
Michigan $5,000 single/$10,000 joint, above the line exclusion from income
Minnesota--
Mississippi $10,000 single/$20,000 joint, above the line exclusion from income
Missouri $8,000 single/$16,000 joint, above the line exclusion from income
Montana $3,000 single/$6,000 joint, above the line exclusion from income
Nebraska $10,000 per tax return ($5,000 if filing separate), above the line exclusion from income
Nevada No state income tax
New Hampshire--
New Jersey--
New Mexico Full amount of contribution, above the line exclusion from income
New York $5,000 single/$10,000 joint, above the line exclusion from income
North Carolina--
North Dakota $5,000 single/$10,000 joint
Ohio $4,000 per beneficiary per contributor or married couple, above the line exclusion from income, unlimited carryforward of excess contributions
Oklahoma $10,000 single/$20,000 joint per beneficiary, above the line exclusion from income, five-year carryforward of excess contributions
Oregon $2,265 single/$4,530 joint (i.e., $2,265 per contributor) per year, above the line exclusion from income, four-year carryforward of excess contributions
Pennsylvania $14,000 per contributor/$28,000 joint per beneficiary (any state plan)
Rhode Island $500 single/$1,000 joint, above the line exclusion from income, unlimited carryforward of excess contributions
South Carolina Full amount of contribution, above the line exclusion from income
South Dakota No state income tax
Tennessee--
Texas No state income tax
Utah 5% tax credit on contributions of up to $1,900 single/$3,800 joint per beneficiary (credit of $95 single/$190 joint)
Vermont 10% tax credit on up to $2,500 in contributions per beneficiary (up to $250 tax credit per taxpayer per beneficiary)
Virginia $4,000 per account per year (no limit age 70 and older), above the line exclusion from income, unlimited carryforward of excess contributions
Washington, DC $4,000 single/$8,000 joint, above the line exclusion from income
Washington No state income tax
West Virginia Full amount of contribution up to extent of income, above the line exclusion from income, five-year carryforward of excess contributions
Wisconsin$3,000 per dependent beneficiary, self or grandchild, above the line exclusion from income
Wyoming No state income tax
Finally, I disagree with the OP. Do not ever use your Roth IRA for education. You'll owe taxes on any earnings and you can't put the money back. You are limited how much you can contribute each year. Stick to the 529 for education expenses.
You shouldn't be comparing the mesp funds to your retirement investments. The mesp funds are designed to gradually transfer to more secure investments the closer your kids get to college. When your child is 18 about 80% will be invested in safe bonds and cash. The performance will be lower but much less volatile. You wouldn't want the value to crash if we enter a recession right before college. It is assumed the Mesp funds will be drawn down to zero by time your kids finish college at 22-23 years old. It's not like your retirement money which may be invested 40-60 years or more. The allocations if done correctly will be very different.
Finally, I disagree with the OP. Do not ever use your Roth IRA for education. You'll owe taxes on any earnings and you can't put the money back. You are limited how much you can contribute each year. Stick to the 529 for education expenses.