The Nebraska State Treasurer wants to remind families seeking holiday gift ideas to consider giving a financial contribution to a loved one’s NEST 529 Education Savings Plan. A gift of any amount to an education savings account has the potential to grow into a bigger gift in the future.
“A holiday gift doesn’t need to be a toy or something to wear,” said Nebraska State Treasurer Tom Briese. “Giving the gift of education is a long-term investment toward a loved one’s future that will help ease financial burdens that can add up with higher education.”
In the spirit of the holiday season, when a contribution has been made, the gift-giver can print a NEST 529 holiday card for the recipient. To get started, visit NEST529.com/Friends-Family-Gifting.
As the year comes to a close, accounts owners are encouraged to consider the tax advantages of end-of-year contributions to their NEST 529 account. Nebraska account owners are eligible to receive a Nebraska state income tax deduction of up to $10,000 ($5,000 if married, filing separately) for contributions made to their own NEST accounts.
Because the last day of the year falls on a Sunday, financial contributions eligible for 2023 tax benefits must be mailed and postmarked by December 30, 2023. Account owners can also contribute online by logging into their account at NEST529.com.