The tax advantages of a 529 account are better than a Roth retirement account: Earnings on the investments are exempt from all income taxes; withdrawals are tax-free if used for the beneficiary's expenses at any higher education institution in the U.S. where students are eligible to receive federal financial aid; there is no income limitation on who can contribute to a Missouri 529 account; a larger annual amount can be contributed than to a Roth IRA; and it generates Missouri income tax savings.