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Frequently Asked Questions

How can I use my fidelity 529 plan to fund college?

Direct your rewards to your Fidelity-managed 529 account to save while you spend. Invite friends and family to give to your 529 account with our innovative college gifting service. Get month-by-month savings tips with these 12 college savings strategies (PDF).

What is the Massachusetts 529 plan?

The Massachusetts 529 plan, MEFA's U.Fund College Investing Plan, is a tax-advantaged investment plan, professionally managed by Fidelity, to help reach your child's educational dreams. The Massachusetts 529 plan offers federal tax benefits and in-state tax deductions as you save for a child's education.

What is the Massachusetts state income tax deduction for a fund account?

U.Fund plan account owners are eligible to claim a Massachusetts state income tax deduction for contributions to the U.Fund plan made in the applicable tax year. Single persons may claim up to a $1,000 deduction, and married persons filing jointly may claim up to a $2,000 state income tax deduction.


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