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Maryland 529 plans
Maryland residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Maryland residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Featured 529 plans for Maryland residents:
State tax deduction or credit
Contributions to a Maryland 529 plan of up to $2,500 per beneficiary per year by an individual are deductible in computing Maryland taxable income, with a 10-year carryforward of excess contributions. If a joint return is filed and each spouse has established an account and contributed at least $2,500 to their respective account, the married couple could deduct $5,000 on their Maryland return. Account owners and contributors are eligible for the deduction. Contributions made in excess of $2,500 in a single year to the same account may be carried forward to consecutive subsequent years until fully claimed as a subtraction, or the 11th taxable year, whichever comes first. Rollover contributions are deductible if not previously deducted. Contribution deadline is December 31 postmark.
Which 529 plans does Maryland offer?
Maryland offers The Maryland College Investment Plan to residents of any state. This direct-sold 529 savings plan offers numerous investment options from program manager T. Rowe Price.
Direct sold 529 plans
"Do-it-yourself" type plans in which the saver enrolls and sets up the initial investment. Fortunately most 529 plans make this simple! You'll pay no sales charges beyond fund and administrative fees.
Our rating
4.5 / 5
Special award
ABLE Plans
529 ABLE accounts let Americans with disabilities save tax-deferred for education and other expenses without impacting eligibility for public benefits.
ABLE Plan
Maryland ABLE is established pursuant to the ABLE Act and the Maryland Achieving a Better Life Experience Act signed into law April 12, 2016. Maryland ABLE is directed and administered by the Maryland 529 Board. Sumday Administration, LLC provides administrative and record-keeping services to the program under the direction of the Maryland 529 Board and Marquette Associates serves as investment advisor. The program is designed to be a "qualified ABLE Program", which status permits a beneficiary of an ABLE account established under the program to contribute and invest funds, enjoy tax-free growth on the earnings of the account, and make tax-free withdrawals to pay for qualified disability expenses under certain circumstances.
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