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I made a deal with my daughter that if she got into Grad School I would cover. She did so what is the best way to do a tax benefit?
If you daughter is not your dependent, there is no tax credit or deduction available to you on your federal income tax return. If you pay the educational institution directly, the money will not count toward the gift or estate tax. That may save you some taxes. If you put the money into a 529 plan with your daughter as beneficiary, you can put in up to $70,000 at once with no gift tax issues. Put in the remainder in a…

different year. Take distributions from this account to pay tuition. Any earnings will be tax-free, and if not all the money is used, it can be re-assigned to another beneficiary. Many states have tax benefits for contributions to 529 plans that may reduce your state income tax.

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