I was updating my LO's 529 accounts and I see there is a gifting feature. I might share it if anyone asks about it. My MIL has been asking DH about us setting up a savings account for the twins.
Got me wondering if anyone has a 529 savings account for their LO and if they have shared it to relatives or friends.
Oh, I have Utah Education Savings Plan (UESP) through recommendations from an old HB thread. Thanks!
honeydew / 7504 posts
Yes, all of our parents and siblings have gifting access to their accounts, but they can't see the balance or (obviously) withdraw anything. We have PA 529s.
persimmon / 1111 posts
My in-laws gift us the money to deposit so we get the tax write off. We don't need it, but appreciate it.
eggplant / 11824 posts
Our relatives all do the same as @Pollywog: and for the same reason
kiwi / 705 posts
My relatives give us checks and we deposit to the kid's accounts. We also have Utah! No tax breaks for us though.
pear / 1767 posts
The gifting feature is nice if you ever superfund your account. We have been superfunding the accounts for DS and DD so we hit a max contribution amount. However, gifts coming from others don't count toward that max amount so we usually encourage people to just gift it directly.
pomegranate / 3350 posts
Yes! My dad actually set up the accounts for 2 of our kids and he contributes to all of them.
grapefruit / 4361 posts
Yes I've shared it with my parents, who might contribute, and they will share it with my extended family, some of whom will contribute maybe on birthdays and such.
We got a lot of financial gifts for his "college savings" on his 1st bday and we were like errr yeah we'll get on that..... (didn't have an account open yet).
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