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Reply to "Fully Funded College"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Contribution is not maxed out at $8k per year. (That would take 35 years to get to $280,000 “fully funded”). [/quote] $8k is not the max for a married couple or for anyone else. [/quote] This $8K is where the state tax deduction is capped (which is a minimal part of the overall benefit) - $15K per person, so $30K per couple, per kid is the gift tax cap and even then you can do more within a five year window. [/quote] Educational funds are exempt from the gift tax. [/quote] This is somewhat true but not in the way that you imply. If Grandma and Grandpa, or mom or dad, cut a check directly to State U or Private HS, then yes, not gift tax. If Grandma or mom cut a check to junior's 529, then it is subject to gift tax. [/quote]
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