When it comes to gift ideas for my kids, I always draw a blank. Not because they don’t ‘want’ anything – but because they are fortunate to already have everything they need (and much of what they want). And the thought of more ‘stuff’ in my house, is enough to make me plan a major overhaul of the stuff already overtaking my home. Thing is, I don’t want to deprive my children of the joy they get from opening packages on Christmas but I also want to gift them with long term gratification versus temporary gratification.
That’s where Edvest College Savings Plan comes in. Since saving for college is already on the minds of many parents, this is a valuable way to help your children grow a college savings account through the years. My husband set one up for each of our children when they were born, and my parents have also been able to gift to it every Christmas and Birthday since! It’s easy peasy (and priceless)! My parents still like to give the kids something tangible to open up – but in my mind, the best gift is the financial burden they are helping to chip away at by gifting to their 529 accounts.
Edvest College Savings Plan makes contributing to a 529 account easy with its new and improved gifting options. Just in time for the holidays, Edvest now also offers a variety of gift cards available for online purchase. With denominations ranging from $25 to $500, gifts can be sent to your child via email, text message or as a physical card. Gift cards have no expiration date for redeeming the funds and require only a small service fee.
Along with gift cards, Edvest offers the newly improved eGift option, a secure, online platform for friends and family to gift to a child’s 529 account at no charge. eGift now offers gifting codes that can shared via email and social media accounts and never expire! Friends and family can reuse the code as often as they like, making repeat contributions even easier. Users will also notice eGift’s new look with cleaner, more user-friendly interface and personalized gifting options for any occasion.
Those who wish to make a one-time gift to the 529 account via check can complete the simple gift deposit form and mail it with the contribution. Edvest also offers electronic bank transfers for convenient onetime gifting. If your child doesn’t already have a plan with Edvest, start a 529 account during the holiday season. It takes only $25 and 15 minutes to make a lifelong impact.
Tax advantages of gifting
Along with helping your child succeed, you’ll enjoy some tax advantages when you contribute to an Edvest account. If you are a Wisconsin resident, you may qualify for state tax advantages when you make a gift. (That goes for in-state family and friends, too.)
- Edvest contributions by Wisconsin residents can reduce their state taxable income by up to $3,140 per beneficiary each year.
- Any account earnings can grow federal and Wisconsin income tax-deferred.
- Funds may be withdrawn tax-free when they are used for qualified higher education expenses.
Learn more about the tax advantages of saving with Edvest on their website and by consulting your tax advisor.
About Edvest College Savings Plans
Edvest, Wisconsin’s official 529 college savings plan, makes it easier for families to save for higher education expenses. Funds saved through Edvest can be used at colleges, technical schools and grad schools nationwide. Plus, the funds may be used for books, supplies, or other qualified expenses – not just tuition.
Families can feel good about saving with Edvest. It was recently ranked as the 529 plan with the 4th lowest fees in the nation by Strategic Insight, and maintained its Bronze Rating from Morningstar in the firm’s most recent survey of 529 plans. And, with a low opening balance of $25, it makes saving for college more accessible for a greater number of Wisconsin families.
Consider the investment objectives, risks, charges and expenses before investing in the Edvest College Savings Plan. Please visit Edvest.com for a Plan Disclosure Booklet with this and more information. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is a risk of investment loss. TIAA-CREF Tuition Financing, Plan Manager.
Before investing in a 529 plan, consider whether the state where your Beneficiary resides has a 529 plan that offers favorable state tax benefits that are available if you invest in that state’s 529 plan. Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.
The tax information contained herein is not intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. The Edvest College Savings Plan is administered by the state of Wisconsin.
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*This post is sponsored by Edvest College Savings Plan – but the thoughts are our own and we only work with businesses that we personally use or recommend and that add value to our readers lives. My family happens to use Edvest and we LOVE it!