State Treasurer gives fair goers chance to win a Kindle

August 10, 2011|Missouri State Treasurer's Office news release

SEDALIA, Mo. – State Treasurer Clint Zweifel announced Wednesday that one lucky 2011 Missouri State Fair attendee will win a Kindle and a $25 Amazon gift card from MOST–Missouri’s 529 College Savings Plan.

Missourians can enter to win at the MOST 529 booth in the Agricultural Building from 9 a.m. to 9 p.m. each day of the fair. More than 600 people entered to win a $529 contribution to a MOST 529 account at the 2010 State Fair. Missourians, 18 or older, are eligible.*

“The Missouri State Fair is an opportunity for people from across the state to come together and share in fun, tradition and learning,” said Treasurer Zweifel, who sponsors MOST 529. “We all know that reading, especially early in life, is critical to a child’s development. This prize will encourage that development.”

MOST 529 has more than 115,000 account owners and nearly $1.6 billion in assets, each an all-time high for the plan. Accounts can be started with as little as $25, with earnings growing tax deferred. Additionally, tax-free withdrawals can be made for qualified higher-education expenses, contributions qualify for significant tax deductions, and a wide range of low-cost investment options are available.**

About MOST 529

State Treasurer Clint Zweifel sponsors MOST 529, the tax-advantaged program that enables families to save for a child’s higher education. MOST 529 is an affordable, low-cost, tax-deferred way to save for higher education expenses. Investments in the plan can be used towards many qualified higher education expenses, including tuition, certain room and board expenses, books and mandatory fees at most four-year colleges and universities, many two-year institutions and vocational schools, and some schools abroad. In addition, savings in MOST 529 can be used towards associate's, bachelor's, and advanced degrees. Account owners may deduct up to $8,000 in contributions each year in computing their Missouri state income tax and married couples filing jointly may deduct up to $16,000 annually. Contributions to the Plan in a tax year are deductible from Missouri state income tax up to certain limits, but may be subject to recapture in subsequent years if you make a nonqualified withdrawal.

* Except employees and their immediate families and members of the same household of the sponsor (MOST—Missouri's 529 College Savings Plan), The Vanguard Group, Inc.; Upromise Investments, Inc.; State Treasurer Clint Zweifel’s office; and their respective agents or affiliates.

** Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

Investment returns are not guaranteed, and you could lose money by investing in the Plan. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state tax consequences.

If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

For more information about MOST—Missouri's 529 College Savings Plan, call 1-888-414-MOST or visit www.missourimost.org

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