Tax Benefits

Enjoy tax-free savings and withdrawals
Because GET is a state 529 plan, the after-tax money you put in will grow tax-free. The money you withdraw will be tax-free too as long as you use it for tuition, room and board, books and other qualified higher education expenses. Whenever you withdraw funds, GET will send you a 1099-Q form the following January. Click here for Frequently Asked Questions about the 1099-Q form.

Take advantage of gift tax and estate planning benefits

You can contribute up to $14,000 per child per year (or $28,000 if gifted with a spouse) without incurring the federal gift tax.  You can also fund a GET account with as much as $70,000 at one time (400 units - $68,800) if you average the gift over five years.  You can maintain control of your GET account but the value of your account is not included in your taxable estate.  Review GET Program Details and consult your tax advisor for details.

Receive favorable financial aid treatment
If the parent is the account owner, the GET account is considered an asset of the parents and treated like any other parental assets in determining a family's eligibility for federal financial aid.

How an investment in GET has grown over time
Families that bought GET units ten years ago have seen more than a 10% average annual return on their investment.  Of course, the actual increase in value of your GET account will vary depending on when you buy your units, when your child goes to college and how much tuition increases over time.

The GET unit price includes a premium over current tuition.  If your child is less than six years away from college, you should consider your options.  At the new unit price, you shouldn't expect to realize a gain before six years.

State prepaid college tuition plans, like GET, and state college savings plans are known as 529 plans after the IRS federal tax code that authorizes them. Under both plans, the after-tax money you put in will grow tax-free and the money you withdraw will be exempt from federal income taxes as long as you use it for qualified higher education expenses.

With a college savings plan, you shoulder all of the investment risk and worries associated with volatile financial markets. With GET, the state assumes the investment risk so you don't have to worry.

529 Prepaid Tuition Plan (GET) 529 College Savings Plan
Tax-free growth
Tax-free withdrawals
Favorable financial aid treatment
Investment choice and risk State chooses investments, shoulders investment risk You choose investments, shoulder investment risk
Future value of your account Guaranteed by the state to keep pace with rising college tuition* Based on the performance of your chosen investments

* Based on resident undergraduate tuition and state-mandated fees at the most expensive Washington public university.


The 2014-15 unit price is $172.

Enrollment will reopen on November 1, 2014. Children from birth to 12 months of age may be enrolled year-round.
Plan Ahead - Enrollment reopens Nov. 1, 2014

Give the Gift of Education