Alaska 529
by Green & Gold News |
Do you have a loved one you want to help with their future? Below are some tips on how to help:
- Contributions to an Alaska 529 are removed from your taxable estate and considered
a
gift to the beneficiary. However, you remain in control of the assets. - You can select investment options best suited for helping your loved one achieve their
education goals. - You can adjust your contributions as needed.
- You control when distributions are taken.
- You determine if and when the beneficiary is ready to manage his or her account.
- For 2023, the maximum annual gift amount is $17,000 per individual per year without
paying gift taxes. With a 529, you can contribute up to $85,000 (or $170,000 for a
married couple) to a beneficiary in one year and average the gift over five years without
paying gift taxes, as long as no other gifts are made to the beneficiary during the five-
year period. Consult a tax professional for details, as gift and estate taxes can be complex.
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