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Once a gift is received, it is part of other contributions made to the account. A gift returned would be considered a non-qualified distribution and may incur a tax penalty on any earnings in addition to the 10% federal tax penalty.

You can contact us to inquire about all completed gifts into the account.

There are many ways to contribute to a 529 account including these programs; Gift of College gift cards, Upromise, Ugift, and payroll direct deposit. To learn more visit our College Gifting Overview.

You, the account owner, will not owe taxes on gifts made into the account. For anyone giving large gifts, they may be subject to gift taxes. Discuss the Generation Skipping tax for gifts totaling more than $17,000.

The Federal Gift tax thresholds disclosed above were updated effective January 1, 2022. As this information may change periodically, please check current rules and consult with your tax professional.

Your 529 account has a threshold where no additional contributions would be allowed. Link to Features and Benefits for further details.

The Account Owner has two options: (1) Change the Designated Beneficiary on the account to another eligible family member¹ of the current beneficiary, or (2) Withdraw the account value. In that event, account earnings will be subject to federal and possibly state and/or local income tax as well as additional federal taxes..

The funds could be held for future use for other eligible expenses or be transferred to another beneficiary.

Yes. Uniform Gifts to Minors Act/Uniform Transfers to Minors Act – Legislation that permits a gift of money or securities to be given to a minor and held in a custodial account that is managed by an adult for the minor’s benefit. By transferring income and capital gains to a minor’s name, they may be taxed at a lower rate. Transfers from UGMA/UTMA accounts to a 529 account may be a taxable event for the minor or the minor's parents. Please see the Offering Statement for more details.

You may be able to roll over the value of other education savings accounts, including Coverdell Education Savings Accounts (ESA), Qualified Tuition Programs (529 Plans), and certain US Savings Bonds. See the Offering Statement for more details.