ATLANTA, GA – When you make a contribution to a child’s college savings, you are giving them a meaningful gift that lasts a lifetime. This holiday season, consider replacing one traditional gift with the gift of education. Through Georgia’s 529 Savings Plan Ugift program, families may request and receive gifts that go directly to a child’s college savings in an easy, secure way.
“Contributing even $25 to a child’s college savings plan can change their mindset about saving, letting them know there is a plan to help them achieve their goals,” said Georgia Student Finance Commission President Lynne Riley. “Georgians may invest in 529 plans for themselves, children, siblings, grandchildren, and friends, and may be eligible for a tax deduction on their gift.”
The State of Georgia has seen an increase in gifting to its college savings plan. In the past year, more than 30,000 gifts have been made to Georgian’s college savings accounts. While the 529 Plan is intended primarily as a savings and investment vehicle for college expenses, these funds can be used for K-12 tuition, apprenticeship expenses, and payment of qualified education loans. In certain cases, the contributor can receive state tax benefits. 529 Plan contributions are deductible from Georgia state income taxes up to $8,000 per year per beneficiary for joint filers, and $4,000 per year per beneficiary for all others.
The state of Georgia’s Ugift program makes it easy for friends and family to contribute to a 529 plan. To get started, visit www.Path2College529.com, select “Resources” then “Gifting” to see the Ugift section that allows you to give, receive and make contribution requests.
For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.
Mitch Seabaugh, Path2College 529 Plan
Jennifer Wiggins, Wiggins PR