McRae: The State Treasury’s Gift Guide
Note: The following column is written and provided by State Treasurer David McRae. Opinions expressed are that of the author and not necessarily that of this publication.
By Treasurer David McRae
The Advent calendars are out, Christmas bells are ringing, and holiday deals are flashing across every device. Yes, the season of gift giving is upon us. If you’re stumped for a gift, let me provide a few ideas that the Mississippi State Treasury can be helpful with!
As you may know, the Treasury manages the Mississippi Affordable College Savings (MACS) account program. This program allows families to save for bigger educated-related gifts through a tax-advantaged savings account.
Does your child need a laptop for school? Use their MACS dollars. Need new tools for an apprenticeship program? Use their MACS dollars. New software for a class? Use their MACS dollars. New books for next semester? Use their MACS dollars. Money for tuition? Use their MACS dollars!
In other words, if there is an education-related gift on your child’s wish list, you very well may be able to use a MACS account to stretch dollars even further. To get started, consider a contribution of just $25. The money in a MACS account can grow over time. So, even if your gifts are covered for this year, think about starting to save for next year’s and get some tax wins along the way!
Of course, if you’re looking for a gift that will have an even bigger impact, I recommend a Mississippi Prepaid Affordable College Tuition (MPACT) Plan. This is the only prepaid tuition plan that is guaranteed by the State of Mississippi, meaning it’s a secure investment. MPACT allows families to lock in today’s tuition rates and prepay a student’s college tuition.
It’s most advantageous to purchase these plans while your child or grandchild is still in elementary school, as you’ll be able to stretch the payments out over a longer period of time. We find that many grandparents like to gift this during the holidays as a way to cement a legacy of educational opportunities for the next generation. If you are interested, please call my team immediately at (601) 359-5255 or visit treasury.ms.gov/mpact.
Finally, I’ll offer this: I know the holidays can be expensive. The State Treasury may be able to help you find some extra spending money too. Our Unclaimed Money team can match you with any cash that’s been lost and has your name on it. Act quickly, and we may be able to get you your check before Christmas too! Visit treasury.ms.gov/search to begin your search.
I hope these ideas are inspiring to a few of those reading today. I am beyond grateful to serve our state as Treasurer and wish you and yours a very Merry Christmas season.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $100 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
