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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. Here Are the ...
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 ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Here’s what you need to know about 529 plan contribution limits. ... In 2025, you can contribute up to $19,000 per beneficiary per year before you need to file IRS Form 709.
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
Some states offer deductions for 529 plan contributions up to certain limits. 529 plan contributions and qualified withdrawals are tax-free. ... Ohio. $4,000 deduction ... contribute more than ...
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 ...
With tuition increasing at a steady pace and student loan debt reaching record highs, many parents struggle finding ways to lower the price of higher education. But a 529 college savings plan can ...