Gift tax and Generation Skipping Transfer (GST) tax may be triggered for a person making gifts totaling more than $14,000 per year to any one individual. A person considering making gifts over this amount during the course of the year should consult a tax advisor.

The maximum contribution amount is $50,000. Please note that the maximum contribution limit for the 529 Plan is $305,000. An error will be given if a you are too close to the maximum contribution limit. Please speak with the Account Owner for further details.

529 plans are dedicated college savings plans and are meant to help pay for college. However, the account owner may take withdrawals and use the proceeds for other purposes. These non-qualified withdrawals would be subject to income taxes and a 10% federal penalty tax on any earnings.

Gifts to a 529 account are considered completed gifts. Our college savings specialists will not be able to assist you with a return of a gift. If the account owner chooses to make a withdrawal from a 529 college savings plan for purposes other than qualified higher education expenses, they will be subject to income taxes and a 10% federal penalty tax on any earnings.

No.

The Account Owner can create multiple, event specific, fundraising goals. Each event can be customized with its own personalized story, picture and thank you message. Gifts contributed to each event will go towards the overall Spryng college savings goal.

An e-check, or electronic check, works like a paper check but in electronic form. When you give by e-check, we ask you for information found on a check (bank routing number and your account number) as well as authentication information about yourself.

If you make a gift via e-check, you will be shown a confirmation on the gifting workflow that the gift was submitted and you will receive an email notification. You can print that for your records. Please check your designated bank account to confirm that the gift was withdrawn from your account. If you do not see the gift amount withdrawn within 3 business days, contact the account owner of the gifting profile.

Once the gift has been invested into the 529 account, the account owner will receive an email confirmation and will be able to review who made the gift by logging into their account. The account owner will see the gift amount, your name and date of gift. It may take 2-3 business days for the account owner to see this information.

If for some reason you are uncertain about whether your gift has been processed, you should check with the bank used for this particular transaction. You may contact Franklin Templeton but we will not be able to help you unless you have the account owner on the phone line with you. We can only discuss account specific questions with the account owner.

No, we will only accept an ACH payment from your checking or savings account.