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There's a special rule that allows five years' worth of 529 contributions to be made at once ($95,000 in 2025) while avoiding gift tax implications, as long as no other contributions are made in ...
Image source: Getty Images. As of 2025, the contribution limits to 529 college savings plans range from a low of $235,000 to a high of $575,000. And here are the states with the highest ...
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 ...
The Roth IRA receiving the funds must be in the name of the 529 plan beneficiary. The 529 plan must be open for at least 15 years. You cannot convert 529 contributions made within the past five years (or the earnings on those contributions). The 529 funds you roll over count toward your IRA annual contribution limit. You can move a maximum of ...
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
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 ...
Some states offer deductions for 529 plan contributions up to certain limits. 529 plan contributions and qualified withdrawals are tax-free. ... more than $19,000 each year to a 529 plan. However ...
A 529 plan is a tax-advantaged savings plan designed to help parents or grandparents cover the costs of their child’s or grandchild’s education. ... the Roth IRA annual contribution limit for ...