With education costs steadily rising, the ability for parents to meet their college savings goals can seem out of reach. Luckily, you don’t have to go it alone. Adding gifting as part of your college savings strategy can help you reach those goals.
Your 529 contributions are not deductible from federal taxes; state income tax treatment varies.
For residents...
There are both estate and gift tax benefits to contributing to a 529 account. Generally, if the amounts contributed...