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IMPORTANT: Day school families once again have the opportunity to benefit from 529 savings accounts. This applies to those looking to create new accounts – as well as those who already have accounts.
The state contribution program (Maryland Match) is available for both new and existing accounts (including those who have previously received the Match), however, preference will be given to new Match applicants.
Even if you have applied for the Match (and received it) in previous years, you MUST apply again anew for the Match each year by the May 31st deadline. Applicants must then fund each of their beneficiary accounts with the minimal amount required by Nov 1st.
KEY CHANGES TO THE STATE CONTRIBUTION program (MARYLAND MATCH)
PLEASE NOTE: Laws that place limit Match benefits were passed in 2021 & 2022 with the following changes.
1. A beneficiary may not receive more than two match contributions in a given year
2. An account holder must file income taxes on or before July 15 of each year
3. Each account holder’s lifetime “Match” total (from all of their account’s beneficiaries) is capped at $9,000 – NOT per beneficiary
4. An account holder must be a resident of Maryland (beneficiaries have always needed to be Marylanders)
5. The income eligibility of an account holders is based on adjusted gross income and no longer based on taxable net income
6. Beneficiaries must be younger than age 26 in the calendar year before the account holder applies for the state contribution
7. Account holders must be at least 18 years old to qualify for the Match
REMEMBER: Even if an account holder is maxed out of the Match, they are still eligible for the 529 tax deduction benefits
PLEASE NOTE: It is advisable to maintain a minimal balance in your account at all times (even if it’s just a dollar or less). Accounts that have been emptied and are left without any funds may be closed by T. Rowe Price after extended periods of inactivity.
Account holders who do not file taxes will need to fill out an affidavit of eligibility (see link below) in order to apply for the State Contribution Program. Mail your completed affidavit to Maryland College Investment Plan, P.O. Box 17479, Baltimore, MD 21297-1479, or via express delivery to Maryland College Investment Plan, Mail Code 17479, 4515 Painters Mill Road, Owings Mills, MD 21117-4903.