Don’t let your clients forget that special day. Set up annual contributions.
Help your clients prepare for birthdays, holidays and other special life events by setting up annual contributions to their my529 accounts in the Financial Advisor Suite.
Setting up annual contributions will prevent your clients from forgetting their beneficiary’s special day. They also work great for an end of year holiday contribution.
If you have at least a Level 2 access, visit “Accounts,” “Details,” then, “New Contributions” in your advisor account to get started (see the image below). Annual contributions are set up under the “Special Occasions” tab.
After a special contribution has been established, the account owner will receive a friendly reminder a week before the contribution is processed.
For those clients who would like to take advantage of an annual contribution to their account, there is no gift tax on contributions to a 529 account up to $15,000 ($30,000, if filing jointly) per year. An Internal Revenue Service provision for 529 plans allows for a gift of $75,000 ($150,000, if married and filing jointly) to a single beneficiary under certain circumstances.
See Part 9 in the my529 Program Description for more details on Federal Estate and Gift Tax considerations.
However your clients choose to contribute, my529 is there to help. As the end of the year approaches, remember the last day to make a 2021 contribution by mail or fax is Thursday, December 30, at 6 p.m. or online on Friday, December 31, at 11:59 p.m.