How To Open An Account For Someone
A CollegeAdvantage 529 account is one of the most generous gifts you can give, and anyone can open one. Family and friends who want to contribute for birthdays and holidays can start an account and make regular contributions for years to come.
If you choose to open your own account rather than making gift contributions, you become the account owner – which means you control investment decisions and who ultimately uses the funds. While thoughtful, this could potentially impact need-based financial aid more than an account owned by the child's parents. This is something to keep in mind as you decide how you'd like to contribute to their college savings.
A 529 account is a great gift
- Opening an account is easy
- You can start with as little as $25
- You can choose how much to contribute
- You'll receive the tax benefits of a 529, including a tax deduction for Ohio taxpayers
- You maintain ownership and control over the funds
To gift a new account to someone, there are a few simple things we'll need to know, including the beneficiary's Social Security number.
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