Melinda S in TX Posted December 24, 2013 Share Posted December 24, 2013 A charity that is focused on education wants to give our family a contribution toward Hannah or all of the children's future education fund. They are a 501©(3) not for profit charitable organization and IRS guidelines allow them to send money to education funds or institutions. What do I need to do to make this work? Quote Link to comment Share on other sites More sharing options...
littlebug42 Posted December 24, 2013 Share Posted December 24, 2013 A 529 college savings account. We opened them at our bank. Quote Link to comment Share on other sites More sharing options...
Melinda S in TX Posted December 29, 2013 Author Share Posted December 29, 2013 Is there a place to open them online? Neither of our CU offer them. Quote Link to comment Share on other sites More sharing options...
City Mouse Posted December 30, 2013 Share Posted December 30, 2013 We have the "Texas College Savings Plan" for each kid. It is what used to be the "Texas Tomorrow Fund". We enrolled online and make deposits/withdrawals all online. Quote Link to comment Share on other sites More sharing options...
OrganicAnn Posted December 30, 2013 Share Posted December 30, 2013 Can they hold the money until your child goes to college and then pay the college directly? Otherwise I think you need it to go into a 529 account. Most of these accounts need a broker to set them up and they charge a fee for that. I think there is a website on line that tells which financial institution takes care of each state's 529 account. Then you can contact the financial institution to set it up. If you have a financial adviser they may know too. Make sure you are looking at current information, because it does change. Quote Link to comment Share on other sites More sharing options...
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