Sponsored College Savings Program by State of Mississippi

Honorable Lynn Fitch, State Treasurer

ROXIE, MS - 

The Mississippi Affordable College Savings Program, MACS, makes giving the gift of college easy and affordable. This state-sponsored savings program helps Mississippi families save for future college expenses such as tuition, books, supplies, and certain room and board expenses. You can start saving for as little as $25.

MACS offers you a choice of five investment options:

• Managed Allocation Option
• Diversified Equity Option
• Fixed Income Option
• Guaranteed Option
• Age-Based Investment Option

These options vary in their investment strategy and risk level, allowing you to select an option that best fits your needs and investment preference.

Anyone can open a MACS account for a child or loved one. Parents, grandparents, relatives, and friends at any income level can open an account. Also, by opening and contributing to a MACS account you qualify for a Mississippi state tax deduction.

The Mississippi Affordable College Savings Program can be a powerful part of your overall investment strategy. Consider making regular, modest contributions with the Automatic Contribution Plan or Automatic Payroll Deduction, which may be offered by your employer.

Call a representative of MACS today at 1.800.486.3670 to give the gift of a lifetime, the gift of education.​​​​​​​​​

For further information from the State of Mississippi Treasury Office click here.

A few Frequently Asked Questions

• What are the federal and state tax advantages?
• Is there a Mississippi income tax deduction?
• Who can open an account?
• What are my investment options?
• Can I make a payment online?
• Do I have to use my account at a Mississippi college or university?

What are the federal and state tax advantages?

When you contribute to the Mississippi Affordable College Savings (MACS) Program, any account earnings are federal and Mississippi income tax-deferred. Plus, distributions used to pay for qualified higher education expenses will be free from federal and Mississippi income tax. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.

Is there a Mississippi income tax deduction?

Yes, you may be eligible for a Mississippi income tax deduction. The amount contributed by a Mississippi taxpayer to MACS Program accounts during a tax year is deductible from Mississippi adjusted gross income in an amount not to exceed $10,000 for a single return or $20,000 for a joint return for that tax year.

The earnings portion of a non-qualified withdrawal will be taxable to a resident recipient of the withdrawal. The contribution portion of a non-qualified withdrawal that was previously deducted for Mississippi income tax purposes will be included in the resident recipient’s Mississippi gross income.

Who can open an account?

Any individual with a Social Security number or federal Taxpayer Identification Number who is a U.S. citizen or resident alien can open an account and contribute to the MACS Program account on behalf of any beneficiary. An organization described in Section 501(c)(3) of the Internal Revenue Code, an estate or a trust may also open an account. Such entities will be subject to additional restrictions or administrative requirements and may not open an account online or participate in e-Delivery. You can even open an account for yourself.

What are my investment options?

The Plan offers you a choice of five Investment Options. These options vary in their investment strategy and degree of risk, allowing you to select an option or combination of options that may fit your needs. To see the list of Investment Options, brief descriptions and associated fees and expenses, visit Investment Options. For more information on the risks involved in investing in such Investment Options, and the type of investor for whom each investment option may be appropriate, and investment option performance, read the Disclosure Booklet.

Can I make a payment online?

You may make contributions online by logging into your account here. If you have not logged on to your account before you may create your online access here.

Do I have to use my account at a Mississippi college or university?

No. The money in your account may be used at any eligible educational institution. This includes public and private colleges and universities, graduate and post-graduate schools, community colleges, and certain proprietary and vocational schools.

Source: State of Mississippi State Treasurer