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A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
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 ...
State. Tax Treatment of 529 Plan Contributions. California. No deduction or credit. Illinois. Maximum deduction of $10,000 ($20,000 for married joint filers) per year
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.
There are no income limits, age limits, or annual contribution maximums for 529 plans. Parent-owned 529 plans count for up to 5.64% of the parent contribution considered by the Free Application ...
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