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Make your minimum State Contribution (Match) by November 1st!
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.
A few things to remember regarding the Match and account holder and beneficiaries based on policy changes in recent years:
- Beneficiaries (birth till 26) may not receive more than two match contributions per year
- Both the account holder and beneficiary must be Maryland residents
- The account holder must be at least 18 years old for their beneficiaries to qualify for the Match
- The account holder must file income taxes by July 15 of that year – or – if they do not have income to report, they must submit an affidavit by 5/31
- Each account holder’s lifetime “Match” total (from all of their account’s beneficiaries) is capped at $9,000 – NOT per beneficiary
- An account holder’s income eligibility is based on adjusted gross income (not taxable net income)
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.
Go to Maryland529.com to open an account
or call 1-888-4MD-GRAD to start saving money when you pay tuition!