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What’s the contribution limit for 529 plans in 2024? ... This avoids gift tax on $90,000 in 2024 by treating it as if it was contributed over a five-year period. Other contribution and tax ...
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
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 ... do 529-to-Roth transfers over several years if you hope to transfer the full ...
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 ...
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
Annual contribution limits vary, ranging from $235,000 in Georgia and Mississippi to $575,000 in Arizona. ... so any amount over the annual exclusion limit–$18,000 in 2024–is subject to ...
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