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Unlike other tax-advantaged accounts, there are no federal contribution limits on 529 plans. ... you can contribute up to $18,000 per beneficiary per year before you’d need to file IRS Form 709.
Maximum deduction of $10,000 ($20,000 for married joint filers) per year. New York. Maximum deduction of $5,000 ($10,000 for married joint filers) per year ... Contributions to 529 Plans Are Tax ...
Contributions to 529 plans are considered gifts under the federal gift tax regulations and hence any contributions in excess of the annual exclusion. The annual exclusion in 2024 is $18,000 if filing single (or $90,000 over five years) or $36,000 if filing married jointly (or $180,000 over a five-year period) count against the one-time gift ...
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 ...
There are no restrictions on who can make qualified contributions to a Coverdell ESA, but there are limits on how much. Each ESA plan can only receive a total of $2,000 in contributions per tax year. Individuals may contribute to any number of accounts per tax year as long as each plan does not exceed the $2,000 contribution limit.
The IRS doesn’t specify contribution limits for 529 plans. While 529 plans set their own contribution limits, limits are often designed to cover several years of full-price tuition.