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Unlike other tax-advantaged accounts, there are no federal contribution limits on 529 plans. ... you can contribute up to $18,000 per beneficiary per year before you’d 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
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free. While there is no federal tax ...
The $10,000 limit is a maximum lifetime limit per beneficiary and sibling; A distribution from a 529 plan that is not used for the above qualified educational expenses is subject to income tax and an additional 10% early-distribution penalty on the earnings portion of the distribution.
You can contribute up to $18,000, or $36,000 if filing jointly, per beneficiary to a 529 plan in 2024 without having to file a gift tax return. Other contribution rules apply , too, based on the ...
A 529 education savings plan is a tax-advantaged savings program intended to make education more affordable and attainable for families. While individuals and families can contribute to their own 529 plans, friends and relatives can make gift contributions to a loved one’s 529 plan, as well.
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