UK-based grandparents contributing to College Savings
Jan 22nd 2014, 6:37 pm
#1
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Thread Starter
Joined: Nov 2008
Location: Katy, TX
Posts: 175
UK-based grandparents contributing to College Savings
Just a quick question in case anyone has a good system going.
We are currently saving for the kids in the Texas Promise Fund which effectively buys tuition hours for future college at today's prices.
The grandparents want to contribute but want their contribution to be in a more traditional format i.e. some kind of growth fund. The grandparents do not have SSN's and so I believe can't create their own account for the grandkids (unless it's possible just with the kids' SSN's but I suspect not).
Is the only solution for us to set up (and control) the accounts US-side and then us receive the money from the grandparents and deposit it for the kids? I'm just concerned that if the contributions are in large chunks to us, they might raise income tax eyebrows.
Thanks,
Doug.
We are currently saving for the kids in the Texas Promise Fund which effectively buys tuition hours for future college at today's prices.
The grandparents want to contribute but want their contribution to be in a more traditional format i.e. some kind of growth fund. The grandparents do not have SSN's and so I believe can't create their own account for the grandkids (unless it's possible just with the kids' SSN's but I suspect not).
Is the only solution for us to set up (and control) the accounts US-side and then us receive the money from the grandparents and deposit it for the kids? I'm just concerned that if the contributions are in large chunks to us, they might raise income tax eyebrows.
Thanks,
Doug.
Jan 22nd 2014, 7:10 pm
#2
Lost in BE Cyberspace
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
Re: UK-based grandparents contributing to College Savings
529 account
