Give a Gift with Future Scholar

Wednesday, September 27, 2017

Birthdays, holidays, graduations and the birth of a new baby are just some of the opportunities to help another prepare for a successful future. 

A contribution to a child’s college savings plan is a gift that they’ll never outgrow and one that may benefit them for a lifetime. 

Gift Of Education

“Opening or contributing to a Future Scholar account is a great way to show someone you know or love that you care about their future,” said South Carolina Treasurer Curtis Loftis. “Whether it’s for a grandchild or the child of a neighbor or friend, a Future Scholar plan can have a lasting impact.”

And a gift for them can mean tax benefits for you.

South Carolina offers a state income tax deduction of 100% of your contributions. Calculate your estimated state tax savings

You can contribute up to $70,000 ($140,000 for married couples) in a single five-year period without incurring gift taxes, as long as there are no further gifts made to the child in the same five-year period. Contributions of up to $14,000 per year ($28,000 for married couples) can be made without incurring federal gift taxes.

If you already have a Future Scholar account you can use eGift — a new online tool that allows account owners to invite family and friends to contribute to their child’s account.

Learn more about giving the gift of higher education: Future Scholar Gifting

Future Scholar

Future Scholar is South Carolina’s 529 College Savings Plan. It is administered through the South Carolina Treasurer’s Office. For more information, visit www.futurescholar.com or follow on Facebook: @SCStateTreasurer.

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Interim Media Contact:
Edward Frazier
edward.frazier@sto.sc.gov
803.734.2016

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