What are the federal estate and gift tax benefits?
Contributions to KESPT may help you reduce the taxable value of your estate. Contributions to KESPT, together with all other gifts from the account owner to the beneficiary, may qualify for an annual federal gift tax exclusion of $12,000 per donor, per beneficiary for 2008. If an account owner’s contribution to a KESPT account for a beneficiary in a single year exceeds $12,000, the account owner may elect to treat up to $60,000 of the contributions, or $120,000 for joint filers, as having been made over a period of up to five years for federal gift tax exclusion. Consult your tax advisor.
Contributions to the Path2College 529 Plan may reduce the taxable value of your estate. Contributions to the Path2College 529 Plan, together with all other gifts from the account owner to the beneficiary, may qualify for an annual federal gift tax exclusion of $12,000 per donor, per beneficiary for 2008. If an account owner’s contribution to a Path2College 529 Plan account for a beneficiary in a single year exceeds $12,000, the account owner may elect to treat up to $60,000 of the contributions, or $120,000 for joint filers, as having been made over a period of up to five years for federal gift tax exclusion.
Contributions to the Minnesota College Savings Plan may help you reduce the taxable value of your estate. Contributions to the Minnesota College Savings Plan, together with all other gifts from the account owner to the beneficiary, may qualify for an annual federal gift tax exclusion of $13,000 per donor, per beneficiary for 2009. If an account owner’s contribution to a Minnesota College Savings Plan account for a beneficiary in a single year exceeds $13,000, the account owner may elect to treat up to $65,000 of the contributions, or $130,000 for joint filers, as having been made over a period of up to five years for federal gift tax exclusion.
Contributions to CHET may help you reduce the taxable value of your estate. Contributions to CHET, together with all other gifts from the account owner to the beneficiary, may qualify for an annual federal gift tax exclusion of $13,000 per donor, per beneficiary for 2009. If an account owner’s contribution to a CHET account for a beneficiary in a single year exceeds $13,000, the account owner may elect to treat up to $65,000 of the contributions, or $130,000 for joint filers, as having been made over a period of up to five years for federal gift tax exclusion.
