Here is a quick-reference table of the advantages of Achieve Montana. (For additional information, click on the links.)
Tax benefits |
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Special tax benefits for Montana taxpayers |
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Low initial contribution |
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High maximum |
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Low cost |
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Flexible |
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Easy to manage |
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Programs to help you save even more | |
Range of investment choices |
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Professional investment management |
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We're here to help |
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1 Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
2 In the event the donor does not survive the five-year period, a pro-rated amount will revert to the donor's taxable estate.
3 Contributions to an Achieve Montana account owned by the taxpayer, the taxpayer's spouse or the taxpayer's child or stepchild (if the child or stepchild is a Montana resident at the time of the contribution) are deductible in computing Montana adjusted gross income for the tax year in which they are made. Contributions may be subject to recapture in certain circumstances, such as a non-qualified withdrawal, a withdrawal to pay elementary or secondary school tuition expense, or a withdrawal or distribution from an account that was opened within three years prior to the date of the withdrawal or distribution (Recaptured Withdrawal). If the account owner is no longer a Montana resident at the time of a Recaptured Withdrawal, the Program Manager or its service provider may withhold the potential recapture tax from a Recaptured Withdrawal.
4 Upromise is an optional service offered by Upromise, Inc., is separate from Achieve Montana, and is not affiliated with the State of Montana. Terms and conditions apply to the Upromise service. Participating companies, contribution levels, and terms and conditions are subject to change at any time without notice. Transfers from Upromise to an Achieve Montana account are subject to a $25 minimum.
Visit upromise.com to learn more.
5 Capital Preservation Portfolio invests substantially all of its assets in the New York Life Insurance Company Guaranteed Investment Account (GIA). The GIA is subject to the "equity wash rule," which prohibits a direct transfer from the Capital Preservation Portfolio to any "competing" Investment Option. The Income Portfolio is considered a competing Investment Option. Please see the Program Description for additional information.