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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.
The GoTuition gifting portal is an online tool that allows your family and friends to contribute to your child’s college savings plan in lieu of traditional gifts for celebrations like graduations, holidays, and birthdays. It’s convenient and rewarding for gift givers too—giving them an opportunity to give a gift that will last a lifetime.
Download and print a Gift Contribution Slip to contribute to your loved one’s 529 account via mail. A printable occasion card makes a nice addition to your contribution to notify your loved one of your gift.
Your 529 contributions are not deductible from federal taxes; state income tax treatment varies.
There are both estate and gift tax benefits to contributing to a 529 account. Generally, if the amounts contributed...