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Maryland College Investment Plan

4.5 / 5

Our rating

Best MD resident benefits

MD resident benefits

The Maryland Senator Edward J. Kasemeyer College Investment Plan is a direct-sold 529 plan available to residents of any state, and is managed by T. Rowe Price. Maryland residents may enjoy a state tax deduction for contributions to the plan.

Maryland College Investment PlanTop of the Class

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2001

State agency

Maryland 529

Tax deduction

For single filers: $2,500/yr per beneficiary

For joint filers: $5,000/yr per beneficiary

Program manager

T. Rowe Price Associates, Inc.

Program distributor

T. Rowe Price Investment Services, Inc.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities organized in the U.S..

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Maryland's 529 plans for the same beneficiary reach $500,000.

Minimum contributions:

The minimum contribution requirement is $25 per portfolio. The minimum for subsequent contributions, automatic monthly contributions and/or payroll deductions is $25 per portfolio.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers an online tool to share a gift contribution link with family and friends.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Maryland College Investment Plan can select from the following investment options. Click on a portfolio name for more information.

The Enrollment-Based Portfolios contain 8 portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for Education Today.
PortfolioE.R. % Equity1yr performance
Portfolio 20390.67%97.5%6.38%
Portfolio 20420.67%100%6.24%
Portfolio 20450.67%100%N/A
Portfolio for Education Today0.38%20%6.54%
Portfolio 20300.61%51.25%6.14%
Portfolio 20270.5%34.25%6.41%
Portfolio 20330.63%67%6.23%
Portfolio 20360.65%82.5%6.31%

Age-based/Enrollment Year investment options:

The Enrollment-Based Portfolios contain 8 portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for Education Today.

Static investment options:

Select among 3 multi-fund portfolios (Equity Portfolio, Balanced Portfolio, Global Equity Market Index Portfolio) and 7 individual-fund portfolios (U.S. Treasury Money Market Portfolio, Inflation Focused Bond Portfolio, Bond and Income Portfolio, U.S Bond Index Portfolio, Equity Index 500 Portfolio, Extended Equity Market Index Portfolio and Social Index Equity Portfolio).

Underlying investments:

T. Rowe Price mutual funds and Vanguard index fund

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None

Account maintenance fee:

None

Program management fees:

0.03% Program Fee (0.15% for the Social Index Equity Portfolio) and 0.05% state fee

Expenses of the underlying investments:

Ranges from 0.05 to 0.59% (portfolio weighted average).

Total asset-based expense ratio:

0.13% - 0.67%

Taxes and other Benefits

Tax deduction for single filers:

$2,500/yr per beneficiary

Tax deduction for joint filers:

$5,000/yr per beneficiary

Program match on contributions:

The Save4College State Contribution Program is designed to help lower to middle-income families in Maryland save money for higher education. Individuals who open a Maryland College Investment Plan Account may be eligible to receive a $250 or $500 contribution from the state. The application period opens January 1. All applicants must submit their application for the Save4College State Contribution Program by 11:59 pm on May 31. Maryland 529 or the Maryland General Assembly may make changes to the State Contribution Program in the future that impact the contribution amounts, minimum requirements, or other eligibility requirements.

*State contributions are not guaranteed. The state funding for contributions is limited each fiscal year. As with the entire state budget, the Maryland General Assembly has final approval. If resources are insufficient to fully fund all eligible accounts, Maryland 529 shall provide contributions in the order in which applications are received in good order and give priority to applications of account holders who did not receive a state contribution in any prior year. Account holders who receive a State Contribution Program contribution in a given year are not eligible for the $2,500 deduction for any of their College Investment Plan Accounts that year. Individuals should check with a tax professional regarding their specific situation.

State tax deduction or credit for contributions:

Contributions to the Maryland 529 -- College Investment Plan of up to $2,500 per beneficiary per year by an individual are deductible in computing Maryland taxable income, with a 10-year carryforward of excess contributions. If a joint return is filed and each spouse has established an account and contributed at least $2,500 to their respective account, the married couple could deduct $5,000 on their Maryland return. Account owners and contributors are eligible for the deduction. Contributions made in excess of $2,500 in a single year to the same account may be carried forward to consecutive subsequent years until fully claimed as a subtraction, or the 11th taxable year, whichever comes first. Rollover contributions are deductible if not previously deducted. Contribution deadline is December 31 postmark.

Calculate your Maryland 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Maryland 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Maryland taxable income to the extent of prior Maryland tax deductions. Rollovers are not subject to recapture.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Maryland and non-Maryland 529 plans are exempt.

State tax treatment of rollovers:

Maryland follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Beneficiary, beneficiary and eligible educational institution jointly, estate of beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes, initial funding may be completed online by signing up for automatic monthly contribution or payroll deduction; an initial lump sum contribution requires the plan participant to send a check.

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://maryland529.com/Investment-Plan

Telephone:

1-888-463-4723, Option 1

Twitter

https://twitter.com/md529plans

Social Media

https://www.facebook.com/maryland529/

A good place to start:

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