YOU CAN NOW USE UP TO $10K PER YEAR FOR K-12 TUITION, WHICH MAY QUALIFY YOU FOR UP TO $2500 IN ELIGIBLE TAX DEDUCTIONS PER ELIGIBLE CONTRIBUTIONS
Additional Information
- You can use up to $10,000 per year per Beneficiary for K–12 tuition.
- If you are a Maryland taxpayer, you may receive an annual deduction of up to $2,500 from your state adjusted gross income per Beneficiary for contributions to the MCIP, regardless of whether the contribution will be put toward qualifed K–12 tuition or other qualified expenses.
- For K–12 distributions, distribution checks are made payable directly to the Account Holder or Beneficiary, and not to the K–12 institution.*
- If you are not a Maryland resident, you should discuss your state’s tax treatment of K–12 distributions with a qualified tax advisor.
- Maryland taxpayers may receive a maximum $2,500 deduction from their State adjusted gross income annually per beneficiary for contributions to the College Investment Plan, regardless of whether the contribution will be put toward qualified K-12 tuition or higher education. If you are the account holder or a contributor, you may deduct up to $2,500 of contributions each year from your Maryland State income per beneficiary - $5,000 for two, $7,500 for three, etc. However, you cannot deduct more than $2,500 per beneficiary per year. Contributions totaling more than $2,500 per beneficiary may be deducted for up to the next 10 years.
Learn More
To find out more about about the Maryland 529 Plans for K-12 education, and how to utilize it for your child's education. Check Out their website for more information.