Education Trust Fund Alabama For Grandchildren
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FAQ
Contributions, including rollover contributions, to an Alabama 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by married taxpayers filing jointly who each make their own contributions, are deductible in computing Alabama taxable income.
Each year, Alabama taxpayers can deduct contributions made to CollegeCounts up to: $5,000 single filers. $10,000 married, filing jointly when both spouses contribute.
The Education Trust Fund (ETF) budget funds all state education activities, including K-12 programs and higher education. The primary revenue streams for the ETF budget are income and sales taxes.
529 Plan Tax Benefits for Grandparents With these tax savings, you can build a substantial college fund for a grandchild without having to worry about the money hurting any of their financial plans. You may also be eligible for additional state tax benefits, depending on where you live, and which plan you use.
A parent or grandparent can use an UGMA or UTMA account (i.e., "custodial" account) to save for a child, and they would have broad investment options and no limit on contributions. But the child named on the account would gain control once they reach a specified age governed by state rules, which in many places is 18.