Maine 529 Plan

From Bogleheads

Open to Residents
Open to non-residents

Program match on contributions: Matching grant program for Maine residents provides $200 initial grant with a new account of at least $50, and annual matching grants of 50% of contributions up to $200 grant per beneficiary; requires that family adjusted gross income for the previous year be $75,000 or less.

A First Step Grant of $50 is available for all babies born in the state of Maine when a NextGen account is opened prior to their first birthday.

State tax deduction or credit for contributions: Contributions to any Maine or non-Maine 529 plan of up to $250 per beneficiary are deductible in computing Maine taxable income for taxpayers with federal adjusted gross income of $100,000 or less (single or married filing separate) or $200,000 or less (joint or head of household).

State tax recapture provisions: None

Age-based investment options: The Age-Based Portfolioscontain six portfolios of underlying BlackRock mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary’s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options: Select among three multi-fund portfolios (the MFS Fixed Income Portfolio, the OppenheimerFunds Balanced Portfolio, and the BlackRock 100% Equity Portfolio), one individual-fund portfolio (the BlackRock Equity Index Portfolio), and a guaranteed investment contract (the Principal Plus Portfolio).

Single Funds

BlackRock Equity Index Portfolio (ER 0.43%)
Principle Protection Account (ER 0.20%)

Expenses: 0.20% - 0.96%

Links

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