Meaningful gift for a child: To their college savings fund
For a truly meaningful gift this holiday season, the Oregon College Savings Plan is encouraging families and friends to contribute to a child’s 529 college savings account. The Oregon College Savings Plan makes doing so simple, straightforward and secure with its eGift feature, allowing account owners to send gift invitations to family and friends.
The Oregon College Savings Plan also offers downloadable gift certificates for Christmas, Hanukkah and Kwanzaa (as well as non holidays) for those interested in making a gift contribution to a child’s account.
“Kids outgrow toys and clothes, but when you make a contribution to their college savings, you’re giving them a gift that grows with them,” explained Michael Parker, executive director of the Oregon College Savings Plan. “The ability to give and receive gift contributions from friends and family through our complimentary eGift service makes supporting a child’s future education a win-win for everyone.”
The Oregon College Savings Plan is a state-sponsored, tax-advantaged 529 savings plan that offers a variety of low-cost investment portfolios to choose from, including age-based, multi-fund, single-fund and guaranteed options.
Anyone with a Social Security or federal tax ID number may open an account or contribute to an Oregon College Savings Plan account, and in certain cases, the contributor can receive state tax benefits to incorporate the gift into their overall estate and legacy planning (consult a tax advisor). An account can be started with as little as $25, and any earnings grow free from federal tax.
The Oregon College Savings Plan also offers certain gift and estate tax planning benefits (consult your tax advisor). Contributions to an Oregon College Savings Plan account are eligible for a state income tax deduction for Oregon taxpayers (up to $4,660 for taxpayers filing jointly or $2,330 for single filers for tax year 2017; limitations may apply).
Plus, withdrawals are tax-free at both the federal and state level when used for qualified higher education expenses, and saved funds can be used for tuition, required fees, certain room and board costs, books, supplies, computers and related technology costs, including internet access fees and printers. Funds can be used at most accredited colleges and universities in the United States and certain colleges abroad.
For more information about gifting opportunities into the Oregon College Savings Plan, visit www.oregoncollegesavings.com/gift.
About The Oregon College Savings Plan
The Oregon College Savings Plan, which is part of the Oregon 529 Savings Network, launched in January 2001 and has grown to more than $1.6 billion in assets as of September 30, 2017. The plan is managed by TIAA‐CREF Tuition Financing, Inc. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866‐772‐8464. Follow the Oregon College Savings Plan on Facebook.com/OregonCollegeSavings and Twitter.com/OregonCSP.
