The State of Maryland and Maryland 529 are teaming up to help make it easier for your child's dream of attending college to come true with the Save4College State Contribution Program 2. Simply open an account in the Maryland College Investment Plan (or commit to contributing to an account you opened after December 31, 2016), fill out an application, and you could be eligible for a $250 or $500 contribution towards colleges savings from the State of Maryland. Your college savings can be applied to tuition and other eligible expenses at virtually any U.S. college, technical or trade school-and even international universities that have a federal school code.
It's easy to apply with the online application. VisitMaryland529.com/MDMatch250
to get started and see if you are eligible for the State contribution. Please note that, while the application can be initiated online, some of the required forms must be mailed. All Application materials must be submitted before June 1, 2018.
Need more information?
Click here to download a copy of the Save4College State Contribution brochure.
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1 CFED Fact File 2014, "Scholarly Research on Children's Savings Accounts," Corporation For Enterprise Development (July 21, 2014).
2 Pursuant to legislation passed by the Maryland General Assembly during the 2018 legislative session, for account holders with Maryland taxable income of less than $87,500 (if filing State taxes for an individual) or less than $125,000 (for a married couple filing a joint State tax return), and who otherwise meet the requirements of the progra m , the State would contribute $500 per beneficiary . For account holders with Maryland taxable income of at least $87,500 but no greater than $112,500 for an individual or at least $125,000 but no greater than $175,000 for a married couple filing a joint return, and who otherwise meet the requirements of the program, the State would continue to contribute $250. The legislation is awaiting action by the Governor , and if enacted, will apply to the 2018 application cycle.
State Contributions are not guaranteed. The State funding for contributions is limited to $3,000,000 per year. As with the entire State budget, the Maryland General Assembly has final approval. If resources are insufficient to fully fund all eligible accounts, Maryland 529 shall provide contributions in the order in which applications are received and give priority to applications of Account Holders who did not receive a State Contribution in any prior year. If you receive a State contribution for a beneficiary in a given year, you are not eligible in that year for the state income deduction for contributions that you made for that beneficiary. You should check with your tax advisor