New IRS regulations on using MACS for K12 tuition
Last week, the IRS released further guidance on the use of 529 plans, like MACS (Mississippi Affordable College Savings), to help pay for tuition at public, private, and religious elementary and secondary schools. The notice states that the regulations they will soon publish will restrict the use of MACS for tuition to Kindergarten through 12 th Grade.

The expanded use of 529 college savings plans was a part of the Tax Cuts and Jobs Act, signed into law by President Trump in December 2017. The text of that new law indicated that 529 savings could be used for “tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.” Ostensibly, this could include pre-K programs offered at elementary schools across Mississippi.

The law also gives the IRS the ability to promulgate regulations related to the new rule. And, the IRS intends for their regulation to restrict use of 529 funds such that all pre-K programs are excluded.

My office will closely monitor this matter and may consider ways to weigh in on behalf of Mississippi families when the IRS opens a public comment period.
6 th Annual 529 College Savings Day at the Mississippi Children’s Museum
Saturday, September 8 th , College Savings Mississippi will be celebrating National College Savings Month at the Mississippi Children’s Museum for the sixth year! In addition to the fun financial education activities for kids, like making their own piggy bank, we’ll offer two chances to win a $529 MACS (Mississippi Affordable College Savings) scholarship. And, admission to the museum will be only $5.29 all day on September 8 th .

College savings programs like MACS are known as 529 plans for their section of the federal Internal Revenue Code. This national commemorative month is an opportunity to remind families just as the school year is starting that it is never too early or too late to start saving for your child’s education. And, now that Congress has expanded 529 plans, like MACS, to cover up to $10,000 in K12 tuition at public, private, and religious schools, you can use these tax-advantaged plans to stretch your savings dollar not just for college, but throughout your child’s education.

Come join Echo and College Savings Mississippi at the Mississippi Children’s Museum on September 8 th – and bring your friends!
Unclaimed Property in Philadelphia this week
Our unclaimed property specialists will be at the Neshoba County Library in Philadelphia this Thursday to help local residents come find their money! When we were in neighboring Lauderdale County in February, we helped reunite people and businesses with over $400,000. Events like these have helped my office return $84.5 million since I took office in 2012. That’s over 54% of all the money returned since Mississippi’s unclaimed property program began in 1982.

Thursday, August 9, 2018
3:00 to 6:00 pm
Neshoba County Library

Our specialists will be available to help people search the State’s unclaimed property list, complete claims forms, and even notarize their paperwork. If you plan to attend, please bring the following to expedite your claims:

  • Photo ID (driver’s license, passport, military ID card, etc.)
  • Your Social Security Card
  • Proof of address (utility bill, etc.)
  • Proof of name change (marriage license, divorce decree, etc.)
  • If the owner is deceased, bring the death certificate, will, obituary, or affidavit of death

Anyone can always check the State’s full listing at www.treasurerlynnfitch.com to see if the State has any money in your name, as well. It is constantly being updated.  
Office of the Mississippi State Treasurer
Post Office Box 138
Jackson, Mississippi 39205
P: 601.359.3600 / F: 601.359.2001