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Can grandparents make contributions to an EdVest account and receive tax benefits?

April 26, 2017account Benefits contributions edvest grandparents tax

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Can grandparents make contributions to an EdVest account and receive tax benefits?

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Grandparents can also claim deductions on their Wisconsin state income tax return on contributions made on behalf of their grandchildren. Grandchildren do not need to be dependents of the grandparents or live in Wisconsin for the grandparent to receive the Wisconsin tax deduction. However, the grandchild needs to be related to the grandparent either biologically or through adoption. This benefit has also been extended to great-grandparents, aunts, and uncles.