Spryng Gifting - Account Owner's Beneficiary's Profile View FAQ
Yes, only someone with the link to your 529 college gifting profile will be able to view it. As the account owner, you can decide who you want to share the link with. However, if someone else shares the link with others, they also will be able to access it.
You will receive an email notifying you that someone has contributed to the applicable 529 college savings plan portfolio. You can also log in to view your gifting dashboard. Here, you will see a list of previous gifts to the 529 college savings plan account, who contributed, and the amount.
No. Your account information is not shared with any gift giver. Visitors to your 529 gifting profile will, however, be able to see any progress toward your 529 gifting goal.
An event allows you to create multiple, event specific, fundraising goals. You can customize each event with a personalized story, picture, and thank you message. Your family and friends can also save a calendar reminder to contribute to your event. The gifts received by these events will go towards your overall Spryng college savings goal. Like your profile page, you can choose who to invite to each of your events.
There are no additional costs to use the Spryng tool. Standard program fees, expenses and charges as described in the Investor Handbook will apply.
You do not owe taxes for gifts made by third parties to the 529 college savings plan account. Large gifts may have gift or generation skipping transfer tax consequences for a person making gifts totaling more than $15,000 per year to any one individual. A person considering making gifts over this amount to the applicable account beneficiary during the year should consult a tax advisor. Tax benefits are conditioned on meeting certain requirements. Federal income tax, a 10% federal tax penalty and state income tax and penalties apply to non-qualified withdrawals of earnings. Generation-skipping tax may apply to substantial transfers to a beneficiary at least two generations below the contributor. See the Investor Handbook for more complete information.
Use of the 529 college savings plan account is controlled by you, the account owner. The account is designed to be used for the beneficiary's qualified educational expenses. If you choose to apply the funds from the account, including any gifts received, for other purposes, the earnings will be taxed as ordinary income and an additional tax may apply.
Among other options, you can select a new beneficiary who is a "member of the family" of the previous beneficiary, as defined under the Internal Revenue Code.
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