A parent or a grandparent can contribute $15,000 per child in a single year – or $30,000 per couple. You can also take advantage of five years’ worth of tax-free gifts at once, $75,000 per child or $150,000 per couple.1
Completed gifts are removed from your estate for tax purposes, so the money goes toward the child’s education, not taxes.2
Learn more about the 529 plan managed by OppenheimerFunds by visiting www.ScholarsEdge529.com.
1Account owners cannot make another tax-free gift to the same beneficiary for five years from the original contribution.
2If the account owner dies within five years of the funding date, a prorated portion of the contribution allocable to the remaining years in the five-year period, beginning with the year after the contributor’s death, will be included in his or her estate for federal estate tax purposes. Consult your tax advisor for information about how 529 tax treatment would apply to your situation.