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Financial Calculators

What investments can I use to save for college?

Modified adjusted gross income (MAGI)
Periodic savings
Saving frequency
What is your filing status?
Qualified tuition plan (QTP): A qualified tuition plan (QTP) is also called a Section 529 plan after the section of tax code that governs it. Qualified tuition plans include prepaid tuition plans and college savings plans. Currently, qualified tuition plans are state-sponsored savings plans for college expenses of a child, grandchild or other dependent. The 2001 tax law expands their benefits by allowing tax-exempt distributions to pay for qualified higher education expenses. State-sponsored plans may also offer exemptions from state income taxes. Check with your plan administrator.
Section 529 plans: A special tax-advantaged plan, operated by a state government or an educational institution, used to save for the college education of a child, grandchild or other dependent.
Tax filing status: A category closely tied to marital status that defines the type of tax return form an individual will use.
Saving frequency: How often that you estimate you will be able to contribute to a Section 529 plan, Coverdell education savings account or other tax-advantaged account for future college expenses.
Taxable account: An account that does not receive the tax breaks that either a tax-exempt account or tax-deferred account are eligible to receive.
Modified adjusted gross income (MAGI): A measure of income used to determine how much of a tax-deductible contribution you may make to a traditional IRA or nondeductible contribution to a Roth IRA.
UGMA/UTMA accounts: Custodial accounts with limited tax advantages that are used for giving to a child or other beneficiary under the age of 18 or 21. UGMA stands for Uniform Gifts to Minors Act and UTMA is an acronym for Uniform Transfers to Minors Act.
Coverdell education savings account (ESA): A tax-advantaged investment account designed to encourage savings to cover future elementary, secondary or college education expenses.

Calculators are provided by LeadFusion, Inc., a third party that is not affiliated with M&T Bank. M&T does not endorse or guarantee the accuracy or results provided by the calculators or any accompanying information and M&T has no responsibility or liability whatsoever in connection with the use of the calculators or any related material. The information provided by/with the calculators is for illustrative purposes only and may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. Reliance on any information provided by/with the calculators is solely at your own risk.