Article: 50537
Overview
Missouri allows taxpayers to deposit part or all their state tax refund directly into a 529 college savings plan. This can be a convenient way to contribute to a child’s or grandchild’s future education while simplifying your annual tax filing.
To do this, you must complete the 529 College Savings Plan Direct Deposit Form when filing your MO-1040 return.
Who Can Claim This Deduction?
You may use this form to contribute your Missouri tax refund to a 529 plan if:
- You are due to receive a refund on your MO-1040 return.
- You have an existing MOST – Missouri 529 Education Plan or another eligible 529 plan that accepts direct deposit.
- You contribute a minimum of $25 per account.
- You are depositing no more than four (4) accounts.
Note: Direct deposit to 529 accounts is optional and can be split across multiple accounts if the above conditions are met.
How to Report
- Navigate to the State Taxes section on the left-hand side of the screen.
- Click the link: I’d like to see the forms I’ve filled out or search for a form.
- In the dropdown menu, select Missouri.
- Click on the General tab.
- Select 529 College Savings Plan Direct Deposit Form to open the screen.
- Enter Account Information.
- For each eligible account:
- Provide the 529 Account Number.
- Enter the amount to be deposited (minimum $25).
- You may list up to four accounts in total.
- After entering all required data, scroll to the bottom of the form and click Save.”
Additional Resources
For more information, see: