Questions & Answers

What are MACS contributions?

You may subtract the amount contributed to a MACS (Mississippi Affordable College Savings) account on behalf of a qualified beneficiary.

The maximum amount you may subtract per year is $20,000 for joint filers or $10,000 for any other filing status.

Contributions must be made on or before the deadline for making contributions to an IRA under federal law (by the due date of the return, not including extensions).

Note: Starting in tax year 2018, qualified education expenses for purposes of 529 plans are no longer limited to higher education but will also include elementary and secondary public, private, home school or religious school expenses up to $10,000 per year.

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