Use Your Tax Return to Give the Gift of Higher Education

December 02, 2016

Posted By: Shaunescy

Higher education is the key to helping children move toward their future dreams and goals. That’s why it is so important for families to start a plan now to save for tomorrow’s college costs. If you receive a tax refund this spring, consider investing it in a college savings program so your child or grandchild will have the chance to explore all they want in life.

Montana families can take advantage of the Achieve Montana 529 college savings plan, an affordable, simple, and effective savings program for higher education. Achieve Montana offers investments that have immediate tax benefits. The earnings grow tax-deferred, qualified withdrawals are tax-free, and there is a special benefit for Montana taxpayers. There are a range of investment options, and accounts can be opened for as little as $25. You can make additional contributions of $25, or as low as $15 with payroll deduction, where available.

The assets in a 529 Plan account can be used to pay for your child’s or grandchild’s future tuition, fees, required books, as well as certain room and board costs. Legislation was just passed making certain equipment an eligible expense for tax-free withdrawals, like a computer, printer, scanner, education-related software, and the cost of Internet access. These funds can be spent at Montana universities and eligible schools anywhere around the country.

Your child can use the Achieve Montana funds at eligible two- and four-year schools, trade and technical institutes, and graduate schools. Plus, there are no time or age restrictions on when your child can use the money to pay for qualified higher education expenses. Achieve Montana does not require the beneficiary to attend college immediately after graduating high school.

Investing in a 529 Plan is an important decision for you and your family. Achieve Montana makes signing up easy and has specialists to help provide expertise and more information. Visit today and take the first steps towards your child’s dreams.

Amy Berry of Helena is the Pensions and Education Savings Administrator for the Montana University System. Achieve Montana is sponsored by the State of Montana and administered by the Montana Board of Regents of Higher Education, as sole trustee of the Montana Family Education Savings Trust.

Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on meeting other requirements and certain withdrawals are subject to federal, state, and local taxes. For more information about Achieve Montana, download an

Enrollment Kit at or call 877.486.9271. The Enrollment Kit includes a Program Description that discusses investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

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