Missouri's MOST 529 plan expanded to include K-12 schools
JEFFERSON CITY - The state treasurer wants to spread the word that Missourians are now able to withdraw from a popular education savings plan to pay tuition for K-12 schools.
The board governing the Missouri Higher Education Savings Program - (MOST) 529 plan - passed a resolution to include tuition for public, private and religious K-12 schools.
Treasurer Eric Schmitt said most people do not know the plan was expanded, so word of mouth will help parents to further their children's education.
State Representative Shamed Dogan said, "This reform is a positive development for Missouri students and their parents. By acting immediately and getting ahead of the curve, Treasurer Schmitt and his team and setting a national example for how to effectively implement this change on the state level."
MOST 529 helps Missouri families save for a child's K-12 tuition and higher education expenses while saving on taxes.
"You take that money out to pay for books, tuition, all those things," Missouri State Treasurer Eric Schmitt said, "You're not taxed on the gains, so it really is a great way to save for education."
Under the approved resolution, MOST 529 account holders can withdraw $10,000 annually for tuition expenses at public, private or religious elementary or secondary schools in addition to colleges and universities.