topic Can I deduct a gift made to a friend's 529? in Education

Can I deduct a gift made to a friend's 529?

caseman04 — Thu, 06 Jun 2019 00:43:29 GMT

If so, is the deduction available if gift is made across state lines?

Gifts are not tax deductible. If it was over $14,000 you...

KenH1 — Thu, 06 Jun 2019 00:43:30 GMT

Gifts are not tax deductible. If it was over $14,000 you would need to file a gift tax return in most cases. If under $14k, then no reporting is needed.

Even though it is a contribution to a 529 college savings...

caseman04 — Thu, 06 Jun 2019 00:43:32 GMT

Even though it is a contribution to a 529 college savings plan?

Correct. For federal taxes, 529 contributions are not de...

KenH1 — Thu, 06 Jun 2019 00:43:33 GMT

Correct. For federal taxes, 529 contributions are not deductible, even as a gift. But the earnings grow tax free for you. Certain states will allow the deduction, if both you and the 529 plan are in the same state.