Finance Quick Answers
What is the MO$T program?
The MO$T program, or the Missouri Saving for Tuition program, is a tax-favored savings program to help people prepare for the rising costs of educational needs. Anyone can open an account for a beneficiary or oneself. Missouri taxpayers can deduct up to $8,000 annually from their state adjusted gross income. In addition, all earnings on contributions are exempt from both Missouri and federal income tax if used for qualifying educational expenses.
A MO$T account can be opened by people of all income
levels, and contributions can be as small as $25 via
check or $15 per pay period via payroll deduction.
Owners of an account can choose from three types of
investments, depending on one's risk tolerance. (It is
important to note that contributions and earnings are
For more information about the program including eligible expenses, account management and much more, see www.missourimost.org or call 1-888-414-6678.
Source: Mary Lehman, Tuition Financing Consultant TIAA-CREF, Program Manager for the Missouri Saving for Tuition Program (MO$T)
Last update: Friday, July 25, 2008