We evaluate the impact of Gifted and Talented (GT) programs on students through a regression discontinuity (RD) design, and by analyzing a randomized lottery for elite magnet GT schools. We show that GT students in each analysis are exposed to higher achieving peers and, in the RD sample, a more advanced curriculum. We find that achievement for marginal students neither improves nor worsens from GT services in the short run. We also find that lottery winners only perform better in science. Using a bounding analysis we cannot rule out zero, though we do not find any significant negative effects. (JEL H51, H75, I21, I28)