Give a Gift with Future Scholar
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.
“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 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.