Mississippi Affordable College Savings Program (MACS)

Give Your Clients One More Reason to Rely on Your Financial Guidance

After saving for retirement, planning for a child's college education is the next big financial challenge for many of your clients. Discuss college planning with all your clients and prospects, and let them know that opening a Mississippi Affordable College Savings Program (MACS) account is a smart way to help prepare for a child's future higher education.

Become an expert on 529 College Savings Plans. Your clients will thank you.

Any Earnings Can Grow Federal and Mississippi Income Tax-deferred
When your client contributes to MACS, their account earnings have the opportunity to  grow federal and Mississippi income tax-deferred until withdrawn.

Contributions and Any Earnings Used to Pay for Qualified Higher Education Expenses Are Federal and Mississippi Income Tax-Free
Earnings on any portion of distributions used to pay for qualified higher education expenses will be free from federal and Mississippi income tax.

Mississippi  Income Tax Deduction
Your clients may also be eligible for a Mississippi income tax deduction. The amount contributed by a Mississippi taxpayer to MACS accounts during a tax year is deductible from Mississippi adjusted gross income in an amount not to exceed $10,000 for a single return or $20,000 for a joint return for that tax year.

If a nonqualified withdrawal is taken from the MACS Account, the portion of the withdrawal attributable to contributions that were previously deducted for Mississippi income tax purposes, as well as the earnings portion of the withdrawal, will be included in computing the Account Owner's Mississippi taxable income for the year in which the nonqualified withdrawal is paid.

Federal Estate and Gift Tax Benefits
Contributions to MACS may reduce the taxable value of your client's estate. Contributions to MACS, together with all other gifts from the account owner to the beneficiary, may qualify for an annual federal gift tax exclusion of $13,000 per donor ($26,000 for married contributors), per beneficiary for 2009. If an account owner's contribution to a MACS account for a beneficiary in a single year exceeds $13,000 ($26,000 for married contributors), the account owner may elect to treat up to $65,000 of the contributions, or $130,000 for joint filers, as having been made over a period of up to five years for federal gift tax exclusion.

Read more about MACS's features:

Investment Options
Investment Performance
Learn why it's so important to start now.

 

 
 

WE'RE HERE TO HELP
Call us toll-free at 1-800-486-3670 to:

  • Order MACS Program Brochures (PDF, 255KB), table top signs and other promotional materials

Remind your clients they can set up an Automatic Contribution Plan (PDF, 157KB) or use Payroll Deduction (PDF, 145LB) (if offered by their employer) for their contributions.

Authorization to access MACS Accounts. Get form here.

PDF files require the free Adobe Acrobat Reader. Get it here.

If your firm has already executed a selling agreement and you have the password, click here to go go the advisor-sold MACS website.

If you do not yet have an agreement or
a password, and want to visit the advisor-sold MACS website, please call us at 1-877-ADVS-529.

Tell a Friend
Let a friend know about the Mississippi Affordable College Savings Program.
Webinar
CalculateCalculate Your
Savings Need
CompareCompare College
Savings Options
Questions?Questions?
Call 1-800-486-3670
Facebook

The tax information contained on the Mississippi Affordable College Savings Program (the Plan) Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

The Plan is administered by the Board of Directors of the College Savings Plans of Mississippi and the Mississippi Treasury Department. TIAA-CREF Tuition Financing, Inc. (TFI) serves as Program Manager.

The investment approaches described are not recommendations and do not take into consideration personal goals or preferences. After evaluating information you consider important in making an investment choice, the ultimate decision is up to you. It is a good idea to revisit your investment strategy periodically as your goals, personal financial situation, and market conditions change.

Consider the investment objectives, risks, charges and expenses before investing in the Plan. Please call toll-free 1-800-486-3670 for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The State of Mississippi, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return. Account value will fluctuate based upon a number of factors, including general market conditions.

The Plan Web site is for informational purposes only, and does not constitute an offer to sell or solicitation of an offer to buy any security that may be referenced on the site. Such offer or solicitation can be made only through the Disclosure Booklet.

The Plan Web site contains links to other Web sites. Neither the Plan nor TFI and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.

C41824
© 2010 TIAA-CREF Tuition Financing Inc.