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A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. ... What’s the contribution limit for 529 plans in 2024? ... Georgia, Mississippi. $235,000 ...
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 for adults under 50) or the recipient's actual earnings during that year.
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings. ... must also abide by the Roth IRA contribution limit, which stands at $7,000 for 2024. If you wish to roll ...
529 Plan Tax Status: tax-deferred growth tax-free distributions tax-deductible contributions (varies by state) tax-deferred growth tax-free distributions Contributions: $2,000 limit per year per plan $500,000 to $235,000 per beneficiary (varies by state) [8] Distributions: qualified K-12 and post-secondary expenses
Aggregate limits: Every state sets a limit on the total amount you can contribute to 529 plans over a lifetime. The limit applies to each beneficiary and ranges from around $235,000 to $590,000.
Unlike with 401(k) plans and other retirement savings vehicles, the IRS does not set annual contribution limits for 529 college savings plans. Instead, the states that sponsor individual 529 plans ...
Potential tax breaks for contributions. If you invest through a 529 plan, ... Starting in 2024, a 529 plan can be rolled over into a Roth IRA for the account’s beneficiary.
The tax advantages that come with a 529 plan can save your family lots of money. ... Anyone can be named a beneficiary, including yourself, and there is no limit to how many plans you can set up ...