Montana Residents



Tax Reform Update 

Withdrawals from Montana 529

  Plan to pay for K-12 Tuition

  may be Taxable in Montana

As plan administrator of the Montana
Family Education Savings Program 
Bank Plan, the State of Montana is now 
assessing the potential impact of the 
Tax Cuts and Jobs Act as it relates to 
education savings. We will continue to
update 
our website as more
information becomes available.

 


The Bank Plan is sponsored by the State of Montana and administered by the Montana Board of Regents of Higher Education, as sole trustee of the Montana Family Education Savings Trust (Trust). College Savings Bank, a Division of NexBank SSB supports all aspects of the day-to-day operations of the Bank Plan, including recordkeeping and administrative support. CDs issued by the Plan may be subject to early withdrawal penalties. For additional information, please refer to the MFESP-Bank Plan Disclosure Statement

Tax and other penalties may apply to non-qualified withdrawals from a MFESP-Bank Plan account. You should consult your financial, tax, or other adviser to learn how state-based benefits (or limitations) will apply to your specific circumstances. The Bank Plan is not insured by the State of Montana, nor is the principal and interest invested in the plans thereon guaranteed by the State of Montana.