How much can a parent contribute to a 529 per year?
In either case, parents receive the same treatment as any other person making a contribution: each parent can give up to $15,000 annually to their child's 529 plan without having to file a gift tax return, for a total of $30,000 per year.
Does South Carolina allow a deduction for 529 contributions?
One of the Best Tax Deduction of Any 529 Plan
A state income tax deduction of up to 100% of contributions to a Future Scholar 529 plan is available for South Carolina taxpayers. If you file a resident or non-resident South Carolina state income tax return, you may be eligible for a tax-deductible contribution.
Can grandparents deduct 529 contributions in South Carolina?
The answer is yes. Grandparents can contribute to and even start a 529 college savings plan for their grandchildren. In fact, the limits are the same no matter who's contributing. In South Carolina, contributions to a single beneficiary, across all Future Scholar accounts, cannot exceed $400,000.
How much does it cost to start a 529 plan?
Most 529 plans don't charge you a fee for opening an account, though you will be required to make an initial deposit to start choosing investments.