Play Live Radio
Next Up:
Available On Air Stations
We’re in our Fall Fundraiser and you can help! Support KSMU programming today!

Last Minute Tax Deduction Opportunity

Related Link: Missouri Saving for Tuition Program

When children are young, some parents begin to look for ways to save money so they can help their children pay for higher education. State treasurer Nancy Farmer came to Stewart Head start in Springfield to encourage families to set aside money for higher education before the end of the year.

The Missouri saving for tuition program or most is a state-sponsored investment program that allows individuals and families to save money for higher education. The amount of money you contribute to the most account each year can be deducted from your state taxable income up to 8 thousand dollars each year. Farmer says it doesn't take a lot of money to start a most account.

The more than 75 million dollars in most accounts right now is not available to the state. It's held privately by Tiaa Kreff. Farmer says that's earned the state's program a good reputation.

And there's a new advantage to the most account. Farmer says some changes in federal regulations will make the account an even better investment opportunity.

If you want more information about the most program, go to the KSMU website and click on the link for web addresses mentioned on KSMU.