Yee: Give the gift of college and careers to grandchildren this holiday season
AZ529, Arizona's Education Savings Plan, is a state-sponsored education savings plan where earnings grow tax-free
Arizona State Treasurer Kimberly Yee
Photo by Christopher Barr
The holidays can be stressful as parents and grandparents search for meaningful gifts children will cherish. As administrator for Arizona’s Education Savings Program, AZ529, I have four suggestions to support children’s wishes for what they want to be when they grow up through thoughtful holiday gifts.
The first step is to make a tax-deductible contribution to an AZ529 account, or to another 529 account. Contributions from parents, relatives and family friends provide gifts with long-term meaning for their littlest loved ones.
If giving children a card that says, “I helped you save for college,” seems less than magical, here are some ideas that will delight youngsters while strengthening their futures.
You must be a member to read this story.
Join our family of readers starting at $5 for your first month and support local, unbiased journalism.
Click here to see your options for becoming a subscriber.
Register to comment
Click here create a free account for posting comments.
Note that free accounts do not include access to premium content on this site.
I am anchor
Opinion
Yee: Give the gift of college and careers to grandchildren this holiday season
AZ529, Arizona's Education Savings Plan, is a state-sponsored education savings plan where earnings grow tax-free
Photo by Christopher Barr
Arizona State Treasurer Kimberly Yee
Posted
About AZ529
AZ529, Arizona’s Education Savings Plan, is a state-sponsored program where earnings grow tax-free. Those who invest in an AZ529 plan can receive a deduction up to $2,000 per beneficiary for individual tax filers and up to $4,000 per beneficiary for married tax filers who file a joint return. Qualified educational expenses include tuition and fees, books, computers, and room and board. Friends and family members may add to a child’s AZ529 account at any time through gifting and earn the same tax benefits. As of Jan. 1, 2024, any remaining AZ529 funds can be transferred into an individual IRA account for retirement savings for the same beneficiary. Learn more at www.az529.gov.
By Kimberly Yee | Arizona State Treasurer
The holidays can be stressful as parents and grandparents search for meaningful gifts children will cherish. As administrator for Arizona’s Education Savings Program, AZ529, I have four suggestions to support children’s wishes for what they want to be when they grow up through thoughtful holiday gifts.
The first step is to make a tax-deductible contribution to an AZ529 account, or to another 529 account. Contributions from parents, relatives and family friends provide gifts with long-term meaning for their littlest loved ones.
If giving children a card that says, “I helped you save for college,” seems less than magical, here are some ideas that will delight youngsters while strengthening their futures.
1. Career costumes: Give a chef’s hat, astronaut costume or another career dress-up option with a note saying you believe they can be whatever they wish, and you’ve given XX amount of dollars to their AZ529 plan to help them achieve their dreams.
2. Career exploration: Give an interesting book about a future career with a bookmark note sharing your AZ529 contribution.
3. Split it 50/50: Instead of buying a large gift, take half the funds and contribute to their 529, while using the other half to buy a less expensive gift.
4. Experience the future: Take children to a museum or activity that helps them better understand a future career, or purchase a season pass to the Science Center, Natural History Museum, Musical Instrument Museum, Phoenix Zoo or other destination, then login online together to see the funds deposited into their AZ529 account.
Visit www.az529.gov for more tips to save and to help children realize their career and college dreams this holiday season.
Editor’s note: State Treasurer Kimberly Yeeis administrator of the AZ529 Education Savings Plan. Reader reactions, pro or con, are welcomed at AzOpinions@iniusa.org
Comments
No comments on this item Please log in to comment by clicking here