What is GiftedPath?
GiftedPath is an easy, free-to-use service that lets account owners suggest that family and friends celebrate children's milestones with the gift of college savings in lieu of traditional gifts. All gift contributions sent in to GiftedPath are invested into the beneficiary's 529 plan account and are intended to be used only for qualified college and college-related expenses (as per laws that govern use of 529 plan assets).
529 plan account owners can easily use GiftedPath by getting a GiftedPath code that can be entered by family and friends to contribute at any time on GiftedPath.com.
GiftedPath is only available to account owners invested in a 529 college savings plan administered by BlackRock’s CollegeAdvantage 529 Plan.
Are there any fees involved in GiftedPath?
No. Neither the 529 account owner nor the gift giver has to pay any fees for using GiftedPath. The entire amount of the gift will be deposited into the beneficiary's 529 plan account.
Are there minimum and maximum gift amounts?
Gift contributions must adhere to the minimum and maximum contribution limit rules set forth by the specific 529 plan. Contribution minimums can be as little as $15 for some 529 plans. See the specific 529 plan's website for details.
Do friends and family need to use GiftedPath to contribute to a 529 account?
No. Friends and family can send in contributions at any time by check. Please note that, if they are not using GiftedPath, the account number must be included with the contribution so it's linked to the correct account.
When are gift contributions invested?
The contribution will be deposited into a non-interest-bearing gift account after receipt in good order, and then transferred directly into the beneficiary's 529 plan account approximately five business days later.
For Gift Givers
How do I participate in GiftedPath?
A 529 plan account owner has to invite you to participate to make a gift using a GiftedPath code and link to GiftedPath.com. You can decide to contribute online via an electronic bank transfer.
How do I get a GiftedPath code?
GiftedPath codes have to be initiated by the 529 plan account owner. If you want to use GiftedPath to give college savings, reach out to the child's parent or guardian to ask them if they have a 529 plan and if it features GiftedPath. If so, they can log into their account to get a GiftedPath code and share it with you.
Do I need to wait for a GiftedPath invitation to make a gift through GiftedPath.com?
No. As long as you have already been provided with the GiftedPath code, you can send in contributions for a beneficiary's 529 plan account at any time through the GiftedPath.com site.
How do I know if my gift has been made successfully?
If you make your gift online, you will see an online confirmation page at the end of the process, and you will also receive a confirmation email.
How does the account owner know that I made a gift?
When the account owner views their 529 account online, your name will display next to the amount of your gift.
For annual gift tax exclusion purposes, when is my gift considered complete?
Generally, the gift should be treated as having been made in the year in which the money is deposited into the GiftedPath non-interest-bearing account, not the year (if later) in which the money is transferred into the account owner's 529 plan account. You should consult your tax advisor for questions related to your individual situation.
Are there gift tax consequences for using GiftedPath?
Accounts are controlled by the account owner. Your gift contribution may have gift tax consequences or other tax implications. You should consult your tax advisor.
For College Savers
How do I invite family and friends to participate in GiftedPath?
Once you decide to participate in GiftedPath, it's easy. Just log into your 529 plan account and click on GiftedPath. There you can get a GiftedPath code for friends and family to use at any time over the life of your account. Some 529 plans also allow you to set up an event to invite friends and family to give gifts for a specific celebration. If applicable, information about how to set up an event is available on the 529 plan web site.
How do I share my GiftedPath code?
GiftedPath allows you to send out your GiftedPath code to friends and family via GiftedPath email, Facebook, and Twitter directly from your account. You can also distribute your code or printed invitations any way you want -- in person, over the phone, etc.
Where can I find a list of family and friends who I have already invited?
The names and email addresses of everyone to whom you've already sent GiftedPath invitations for a given beneficiary remain available to you within the beneficiary's account. These names and email addresses will be offered on the page where you send GiftedPath invitations. You may choose to hide individual names and email addresses from display.
What if I want to invite someone new after I have already sent out the original invitation?
You can return to the GiftedPath section in your account and share your GiftedPath code at any time.
How do I know who has sent in a gift contribution?
Log into your 529 plan account and click the GiftedPath icon. Go to the "See GiftedPath history" where you'll see gift activity, including the name of the gift giver (if they provided their name when making their gift), the amount of the gift, and the gift's status.
How do I know that a gift contribution has gone into my account?
Log into your 529 plan account and click on the GiftedPath icon. Any gift that appears on the "See GiftedPath history" page with a status of "Funded" has been transferred into your 529 plan account. A status of "Pending" means that it has not yet been transferred into your account. Once a gift contribution has been transferred, it will also be displayed in your account transaction history.
How are gift contributions allocated?
Gift contributions will be allocated according to the standing allocation on your account at the time the contribution is transferred into your 529 account.
How does GiftedPath know into which account a gift should be deposited?
GiftedPath codes and the barcodes on printed invitations correspond directly to your 529 plan account.
Will I receive a confirmation of the gifts submitted to my 529 account?
Yes. You will receive a confirmation once the gift contributions have been transferred into your 529 plan account.