Give the Gift of a Brighter Future this Holiday Season
Thursday, November 3, 2016
Columbia, SC - This holiday season, why not give the gift of a brighter future with a Future Scholar College Savings Plan?
“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.”
Those interested in giving also 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. In addition, contributions of up to $14,000 per year ($28,000 for married couples) can be made without incurring federal gift taxes.What’s more, contributions into a Future Scholar plan may be eligible for additional tax benefits, Loftis said. South Carolina residents can deduct 100% of their contributions to a Future Scholar 529 plan on their S.C. income tax return.
Plus, those who already have a Future Scholar account can use eGift — a new online tool that allows account owners to invite family and friends to contribute to their child’s account.
“Future Scholar eGift is a terrific way to celebrate special occasions or milestones in a loved one’s life,” Loftis said.
To learn more about opening an account or how to set up eGift, visit www.futurescholar.com/Contribute/Gift.
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.