Learn about CollegeBound 529
|The basics: Gifting benefit||Contributions of up to $15,000 per year, per beneficiary, into CollegeBound 529 accounts without paying gift taxes. For instance, an account owner can contribute the maximum into college savings accounts for six grandchildren, that would equal $90,000 ($15,000 x 6) with no gift tax exposure. If a spouse also contributed the same amount, the resulting $180,000 ($90,000 x 2) would be gift tax free.|
|The next level: Accelerated gifting||
|The benefits of accelerated gifting||
Learn more about the advantages of a 529 plan.
Learn more about tax benefits per state.
1 In the event the donor does not survive the five-year period, a pro-rated amount will revert to the donor's taxable estate. For more information, consult your tax advisor or estate planning attorney.
2 Earnings on nonqualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
None of the State of Rhode Island, its agencies, Invesco Distributors, Inc., Ascensus College Savings Recordkeeping Services, LLC, nor any of their applicable affiliates provide legal or tax advice. This information is provided for general educational purposes only and is not to be considered legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.