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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 ...
Plus, 529 savings plan contributions can be invested, similar to the structure of a 401(k), and any investment profits used to pay for qualified education expenses are 100% tax-free.
You can skirt the gift tax by contributing to someone’s 529 college savings plan with a lump sum and then spreading it over five years for tax purposes. The IRS allows taxpayers to donate ...
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 ...
Employee contribution limit of $23,500/yr for under 50; $31,000/yr for age 50 or above in 2025; limits are a total of pre-tax Traditional 401(k) and Roth 401(k) contributions. [4] Total employee (including after-tax Traditional 401(k)) and employer combined contributions must be lesser of 100% of employee's salary or $69,000 ($76,500 for age 50 ...
The contributions to a 529 plan can grow tax-deferred, and any withdrawals from a 529 plan are not subject to federal income tax (and in many cases, state taxes, too) as long as they’re used for ...
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