Georgia’s Path2College 529 Plan makes holiday giving easy with the “give a gift” section on its website, www.Path2College529.com/gifting. By clicking on this link, visitors can easily download a certificate for any occasion—including Christmas, Hanukkah, Kwanzaa, birthdays, new babies and many more.
“The holiday season is one of the busiest times of year for contributions and new accounts,” said Mitch Seabaugh, director of the Path2College 529 Plan. “Gift givers not only give a fiscally responsible gift that helps a child offset college debt, they also get tax benefits, which is an added bonus for contributing to Georgia’s 529 plan.”
Parents, grandparents, relatives and friends who are U.S. citizens or resident aliens and at least 18 years of age may open an account and contribute to the Path2College 529 Plan on behalf of a beneficiary.
Any earnings in the Path2College 529 Plan are federal and Georgia income tax-deferred and withdrawals for qualified higher education are federal and Georgia income tax free.
In addition, the State of Georgia offers a state income tax deduction on contributions of up to $2,000 per year, per beneficiary. (Transfers from another 529 plan are not eligible for the deduction. Recapture provisions apply.)
Account assets can be used at virtually any college or university in the country. The plan offers seven investment options and participants can arrange for automatic contributions to their accounts to be drawn directly from a bank account or made through payroll deduction with participating employers.
For more information about the Path2College 529 Plan, or to open or contribute to an account, please visit www.Path2College529.com or call 1-877-424-4377.