Montana 529 College Savings Calculator
Calculate 529 college savings growth in Montana. State tax deduction available. See projected savings and tax benefits.
How This Calculator Works
Calculation methodology and assumptions
529 plan calculator for Montana residents. Projections use compound interest with monthly contributions. Montana offers a tax deduction for 529 contributions: $3,000 single / $6,000 joint for Achieve Montana. Federal benefit: earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Annual 529 gift tax exclusion: $18,000/person ($36,000 for couples) without gift tax implications. Superfunding allows 5 years of gifts upfront ($90,000/$180,000).
Key State Information
Montana 529 plan facts: Montana offers a tax deduction for 529 contributions: $3,000 single / $6,000 joint for Achieve Montana. Median household income: $60,560 | COL index: 101.6. 529 funds can be used for tuition, room & board, textbooks, and K-12 tuition (up to $10,000/yr).
Frequently Asked Questions
Does Montana offer a 529 tax deduction?
Montana offers a tax deduction for 529 contributions: $3,000 single / $6,000 joint for Achieve Montana.
How much should I save in a 529 plan in Montana?
With average in-state tuition around $10,000-$15,000/year and total costs (including room/board) of $20,000-$35,000/year, aim to save at least 50-75% of projected total costs. Starting early with $200-$500/month can reach $50,000-$100,000 over 10-15 years.
What happens to unused 529 funds?
As of 2024, unused 529 funds (open 15+ years) can be rolled into a Roth IRA for the beneficiary, up to $35,000 lifetime. You can also change the beneficiary to another family member, or use funds for graduate school.
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