The Missouri 529 MOST account is an investment program sponsored by the Missouri State Treasurer's office. Anyone can open a MOST account, including parents, grandparents, or friends of K-12 or college-aged students. Interest earnings on contributions to MOST accounts are not subject to state or federal taxes. Furthermore, qualified distributions from the account (those for higher education expenses, and now K-12 tuition) are also not taxed.
Funds contributed to a MOST account are deducted from the contributor's taxable income. For example, if a Catholic school parent contributes $5,000 during the year to their child's MOST account, $5,000 will be deducted from their taxable income for state tax purposes. Depending on your contribution level and your Missouri state tax rate, this could generate hundreds of dollars in savings on state taxes.
An excerpt from Missouri State Treasurer Matt Schmitt's letter to schools is below, and the full letter is also attached. Please read the letter and see if this is an opportunity for your family to save.
"A MOST 529 tuition savings plan is an investment account sponsored by the State of Missouri. Up to $16,000 ($8,000 for single filers) in contributions are deductible from Missouri taxes every year and investments in the plan grow tax-free. When you use MOST funds for eligible expenses, you pay no taxes on the disbursement."