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Mark Kantrowitz, publisher of the college finance sites and Fastweb.com, says for savers who want a wide array of investment options, Coverdells offer greater selection than other education savings vehicles, like 529 plans, but even if you max out the contribution limit every year, it won't be enough to pay for college."The contribution limits are going to be something that's going to hamper you," he says.Coverdells are available to families with gross adjusted incomes of $220,000 for married couples or $110,000 for single tax filers and funds also must be used for qualified educational expenses or else you'll pay a 10 percent penalty and back taxes on earnings.UGMAs and UTMAs are held in a custodian's name (usually the grandchild's parent) and are tied to underlying investments, meaning that they can gain or lose money depending on the market.One benefit (or drawback depending on how you see it) is that UGMA and UTMA funds don't necessarily need to be used for college."A grandchild could take $10,000 of the funds in the IRA towards a first home if they wanted to," she says.
"They can use it for educational expenses and if they didn't dip into it, it could grow really nicely over the course of their lifetime..." There are some stipulations to setting up the fund, so make sure you know them beforehand.
Once the beneficiary is of age, funds can be used for any purpose and these accounts don't have limits on the amount you can contribute, though annual gifts of more than $14,000 from a single person ($28,000 from a married couple) will be subject to federal gift tax of up to 40 percent. The first $950 of plan earnings are tax-free and for beneficiaries under age 18, the next $951 to $1,900 are taxed at the child's tax rate, which is generally lower than the tax rate for the account holder.
Fund earnings about $1,900 are taxed at the account holder's rate. Stocks Stocks have the potential to increase in value, but they can also drop.
Credit cards like UPromise's World Mastercard and Fidelity's 529 College Savings Rewards offer cash back rewards that can be deposited in a 529 college savings plan in your grandchild's name.
UPromise rewards can also be used to pay down student loans your grandchild has through Sallie Mae.
Toys and games come and go, but if you want to give your grandchildren a gift that will last, think longterm and think investments.