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But while there’s no federal cap, many states have set their own aggregate limits on the total amount you can contribute to a single beneficiary’s 529 plan. These state-imposed caps range from ...
December 9, 2024 at 7:53 PM. ... You can then calculate the amount you are eligible to claim on your return. ... you could qualify for other deductions: 529 Plans.
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
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 state.
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 ...
My wife and I saved up $73,000 in 529 college savings plans for our kids — then their grandma generously paid for everything. ... most states cap the total amount you can contribute over time ...
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March 15, 2024 at 6:12 PM. ... Also known as a 529 plan, this fund allows you to make tax-free withdrawals to pay for tuition. You should note this fund is for tuition only and not for other ...
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