Maryland 529 College Savings Plans
Maryland offers one direct-sold 529 college savings plan and a prepaid tuition program. The savings program is managed by T. Rowe Price and offers age-based and static options using T. Rowe Price mutual funds. Enrollment in the prepaid tuition program is open to account holders or beneficiaries who are residents of Maryland or the District of Columbia at the time of enrollment.
To learn more about the Maryland 529 plans, select the links below.
- Tax deduction for single filers$2,500/yr
- Tax deduction for joint filers$5,000/yr
The Maryland 529 -- College Investment Plan is a direct-sold 529 plan available to residents of any state, and offers investment options from T. Rowe Price. Maryland residents may enjoy a state tax deduction for contributions to the plan.
Maryland ABLE is established pursuant to the ABLE Act and the Maryland Achieving a Better Life Experience Act signed into law April 12, 2016. Maryland ABLE is directed and administered by the Maryland 529 Board. Sumday Administration, LLC provides administrative and record-keeping services to the program under the direction of the Maryland 529 Board and Marquette Associates serves as investment advisor. The program is designed to be a "qualified ABLE Program", which status permits a beneficiary of an ABLE account established under the program to contribute and invest funds, enjoy tax-free growth on the earnings of the account, and make tax-free withdrawals to pay for qualified disability expenses under certain circumstances....