Opening a College Savings Account for Someone Else
Is there a special grandchild, niece, nephew, godchild, or friend's child who you'd like to help by investing for their college? Give the gift of money for higher education! A Learning Quest account is one of the most meaningful, lasting gifts that any child can receive.
Opening an account
- You can name the child as the account's beneficiary. All you need is the child's name and Social Security number or Tax ID number.
- As the account owner, you gain all the tax advantages, control over the account, and professional investment management.
- You can receive an annual adjusted gross income deduction of up to $3,000 ($6,000 if married, filing jointly) for contributions per beneficiary, per year if you are a Kansas taxpayer.
- You can open a Learning Quest account even if the parents or grandparents already have one. (Total accounts for the same beneficiary cannot exceed $370,000.)
If you don't want to open a college savings account yourself, you can still help the child by making contributions to their account. There are other ways you help their Learning Quest accounts grow:
- You can also encourage the account owner(s) to use Ugift® - Give College Savings. This online feature allows them to invite you and other family and friends to celebrate occasions (birthdays, holidays) with gift contributions.
- You can also join Upromise® for free and designate your earnings from everyday online purchases for the beneficiary's account.1
1 Upromise is an optional service offered by Upromise, Inc., is separate from Learning Quest, and is not affiliated with the State of Kansas. Specific terms and conditions apply. Participating companies, contribution levels and conditions subject to change without notice. Transfers subject to a $25 minimum.