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Graduation - College Savings Plans of Maryland

Graduation - College Savings Plans of Maryland 2025

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The document promotes contributions to the Maryland College Investment Plan as a meaningful gift for graduations, emphasizing its long-term benefits for future college expenses. It provides instructions for friends and relatives on how to contribute, including options for opening new accounts or adding to existing ones, and highlights the potential tax deductions available. Additionally, it includes a gift contribution slip and a certificate template for announcing the gift.

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What are the qualifying expenses for a 529 plan?

Overall, for MD residents, the MD 529 plan is a great option. It has state tax benefits (not all states do) and low-cost investment options. For out-of-state residents, there may be better 529 plans out there since you cannot take advantage of MD state tax deductions if you are not an MD resident.

What expenses are eligible for 529 in Maryland?

Colleges, Universities, Graduate Schools, and Technical/Vocational Schools: Tuition and fees; room and board; books, supplies, and equipment required for enrollment or attendance; and computer and technology needs.

Can 529 be used for summer classes?

For students living off-campus, using 529 funds is also an option. The expense of off-campus housing is covered up to the maximum amount of the schools cost of attendance (including utilities and groceries). Make sure to keep records of expenses and then apply for reimbursement.

What happened to the Maryland 529 plan?

Chapter 113 of the 2023 Laws of Maryland abolished the Board of the Maryland 529 Program and transferred administrative oversight of Maryland 529 to the State Treasurers Office.

What happens if your kid doesnt go to college 529?

If the beneficiary of a 529 account doesnt go to college, you canchange the beneficiary or take a non-qualified withdrawal. If you take a non-qualified withdrawal, you will incur income tax as well as a 10% penalty tax on the earnings portionof the account.

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