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Achieve Montana

4 / 5

Our rating

Best MT resident benefits

MT resident benefits

The Montana Family Education Savings Program -- Investment Plan was renamed Achieve Montana with a new suite of investments added in October 2015. Ascensus College Savings continues to serve as program manager for this direct-sold plan. The plan features a year-of-enrollment option, five asset allocation portfolios and three individual fund portfolios including the Capital Preservation Portfolio invested in the New York Life Guaranteed Investment Account. Underlying funds are from Vanguard, DFA, iShares and Schwab. Accounts can be linked to the Upromise rewards service.

Achieve MontanaHonors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2002, but substantially changed in December 2010 and October 2015.

State agency

Montana Board of Regents of Higher Education

Tax deduction

For single filers: $3,000/yr per beneficiary

For joint filers: $6,000/yr per beneficiary

Program manager

Ascensus College Savings

Program distributor

Ascensus College Savings

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 of legal age, UGMA/UTMA custodians, and legal entities. Joint ownership by spouses is permitted.

Significant time or age restrictions imposed by the program:

Qualified withdrawals from this plan within three years of establishing the account are subject to Montana tax at the highest Montana marginal rate to the extent of prior Montana tax deductions, but only after removal of non-deducted contributions.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Montana's 529 plans for the same beneficiary reach $396,000.

Minimum contributions:

$25 or $15 through payroll deduction.

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

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

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 Achieve Montana can select from the following investment options. Click on a portfolio name for more information.

The Year of Enrollment Option contains 7 portfolios of underlying funds. Contributions are placed into the portfolio corresponding to the beneficiary's anticipated year of enrollment. Target allocations for the Year of Enrollment Portfolios evolve to more conservative investments as the beneficiary approaches college age.
PortfolioE.R. % Equity1yr performance
2038 Enrollment Portfolio0.46%76.67%6.36%
2035 Enrollment Portfolio0.46%66.67%6.11%
2032 Enrollment Portfolio0.45%55%5.81%
2029 Enrollment Portfolio0.45%38.33%5.28%
2026 Enrollment Portfolio0.45%20%4.41%
College Portfolio0.44%10%3.88%
2041 Enrollment Portfolio0.46%86.67%6.69%
2044 Enrollment Portfolio0.46%90%N/A

Age-based/Enrollment Year investment options:

The Year of Enrollment Option contains 7 portfolios of underlying funds. Contributions are placed into the portfolio corresponding to the beneficiary's anticipated year of enrollment. Target allocations for the Year of Enrollment Portfolios evolve to more conservative investments as the beneficiary approaches college age.

Static investment options:

Select among five asset allocation portfolios: Aggressive, Growth, Moderate, Conservative, Income, and three individual portfolios: Equity Index, Bond Index, and the Capital Preservation Portfolio which invests in the New York Life Guaranteed Investment Account.

Underlying investments:

Vanguard, DFA, iShares and Schwab funds, New York Life

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None

Program management fees:

0.445%; 0.395% for the Capital Preservation option, plus 0.095% administrative fee (none for the Capital Preservation option)

Expenses of the underlying investments:

Ranges from 0.020% to 0.43% in the year-of enrollment and asset allocation portfolios; 0.020% to 0.30% in the individual portfolios; none for the Capital Preservation Portfolio.

Total asset-based expense ratio:

0.32% - 0.46%

Taxes and other Benefits

Tax deduction for single filers:

$3,000/yr per beneficiary

Tax deduction for joint filers:

$6,000/yr per beneficiary

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to Montana AND non-Montana 529 plans of up to $3,000 per year by an individual, and up to $6,000 per year by a married couple filing jointly, are deductible in computing Montana taxable income. Only contributions made by the account owner, the account owner's spouse, or the account owner's custodian/parent are deductible. Contribution deadline is December 31.

Calculate your Montana 529 tax benefit

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

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

Montana imposes a recapture tax on Non-Qualified Montana Distributions and distributions from an Account that was opened less than three years before the date of the distribution.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This includes tuition for elementary or secondary education, or education loan payments. Distributions from a 529 account directly to a Roth IRA are not considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

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

State tax treatment of rollovers:

Montana follows tax-free treatment for rollovers into a Montana 529 plan. Montana tax treatment of rollovers out of a Montana 529 plan is unclear, as Montana law may require that the rollover be treated as a nonqualified withdrawal.

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:

Eligible educational institution, 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

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

Contact

Website:

https://achievemontana.com/

Telephone:

1-800-888-2723

A good place to start:

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