The Maryland 529 -- Prepaid College Trust has closed to new enrollments as of June 1, 2023.
- Program typePrepaid contract
- Enrollment periodClosed to new enrollments as of June 1, 2023
- Inception1998
- State agencyMaryland 529
- Tax deduction
- Program ManagerIntuition College Savings Solutions
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
Contributions
Minimum contributions:
Contractual Features
Contract prices:
Available tuition packages:
Benefits for beneficiary attending private or out-of-state institution:
Contract payment options:
Are program benefits backed by the full faith and credit of the state?
Are program benefits collateralized or guaranteed in any other way?
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Fees & Expenses
Enrollment or application fee:
Taxes and other Benefits
- Tax deduction for single filers$2,500/yr
- Tax deduction for joint filers$5,000/yr
Example
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:
State tax deduction or credit for contributions:
State tax recapture provisions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Is there a rewards program or outside scholarship program that works with this program?
Upromise Helps Families Save for College
Statutory protection of an account from creditors:
Distributions & Terminations
To whom are distributions made payable:
Account Changes
Policy regarding participant/owner changes:
Contact
Website:
Telephone:
@MD529Plans