Give the Gift of Education with GET
Contributions towards a child’s college savings make the perfect gift for holidays, special occasions, birthdays, baby showers and important milestones. Friends and family can make gift contributions to help a beneficiary’s account grow. Education is a gift that truly lasts a lifetime!
Do you want to ask family and friends to contribute to your student's GET account. WA529 provides two convenient ways for account owners to suggest contributions to GET accounts.
Family and Friend Gift Contributions
Grandparents, aunts, uncles, cousins and even friends can gift contributions to a child's 529 College Savings account. WA529 offers three simple ways to give.
1. Online Gift Contributions for GET
- You don't have to be a US Bank customer to use this service.
- You will be redirected to a US Bank secure payment site when you select Make a Payment below.
- A $1.00 transaction fee will be added to your payment for this service.
- Please note: Providing incorrect bank information may result in a $25.00 Non-Sufficient Funds (NSF) fee.
Have the following ready:
- Student Beneficiary's name and GET account number.
- Your bank's routing number (typically 9 digits).
- Your bank account number (enter your full account number, which varies by bank).
- Click here to see examples of how to find a routing number on your check.
2. Gift By Mail for GET
- Fill out a Gift Certificate below.
- Print the Gift Certificate.
- Mail the top half of the certificate with your payment. Send to: GET Program, PO Box 84824, Seattle, WA 98124-6124
- Include the GET account number on the check.
- Specify if you are contributing to the account in Lump Sum units. (Contributions will go directly to Custom Monthly payments unless you specify them as Lump Sum units.)
- Present the lower portion of the certificate to the student beneficiary for their records.
- A basic Payment Coupon is available on the forms page as an alternative option to the Gift Certificates.
3. Open a New GET Account
- GET's annual enrollment period is November 1 - May 31.
- Visit our GET Started page to learn more.
- Open a new account through our secure online portal.
- Open a new account by mailing an enrollment form.
Create a Gift Certificate
Creating a Gift Certificate to go with your gift contribution is easy! Download a certificate. Fill in the details, print and cut in two. Mail the top half of the certificate to the GET Program with your payment. Present the lower half to the gift recipient.
Attend a Gifting Webinar (optional)
Learn more details about gifting options, complete with time for questions and answers. Gifting webinars are a great resource to answer questions you may have about the gifting process. Visit on our WA529 Knowledge Cafe page to register for a date and time.
How will gift contributions to a GET or DreamAhead account affect taxes?
Savings in any 529 plan account are generally considered completed gifts for federal estate and gift tax purposes.
If your contributions, together with any other gifts to the Beneficiary (over and above those made to your Account), do not exceed $16,000 per year ($32,000 for married couples making a proper election), those contributions will qualify for the annual exclusion from gift tax for that year. Gifts of up to $80,000 can be made in a single year ($160,000 for married couples making a proper election) for a Beneficiary and you may elect to apply the contribution against the annual exclusion equally over a five-year period. This allows you to move assets into tax-deferred investments and out of your estate more quickly.
If you die with assets still remaining in your Account, the Account’s value will generally not be included in your estate for federal estate tax purposes, unless you elect the five-year averaging and die before the end of the fifth year. If your Beneficiary dies, and assets remain in your Account, the value of your Account may be included in the Beneficiary’s estate for federal tax purposes. Further rules regarding gifts and the generation-skipping transfer tax may apply in the case of distributions, changes of Beneficiaries, and other situations. The state law treatment of gift and estate taxes varies so you should check with your tax advisor for the specific effect of federal and state (if any) gift tax and generation skipping transfer tax on your situation.