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What’s the contribution limit for 529 plans in 2024? ... In 2024, you can contribute up to $18,000 per beneficiary per year before you’d need to file IRS Form 709.
In addition, the contribution limits can be higher for 529 plans than they would be for an IRA. ... $7,000 in 2024 – and an extra $1,000 catch-up contribution for those 50 and older.
For example, in 2018, the IRS expanded the law in 2018 to allow 529 owners to use up to $10,000 per year to pay for tuition at K-12 schools. Pros and Cons of 529 Plans The main attraction of a 529 ...
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 ...
As of 2024, you may be allowed to roll over up to $35,000 in unused funds from your 529 plan into a Roth IRA account for the beneficiary — the idea being that these unused funds can help ...
Higher contribution limits: You can contribute only up to $7,000 across all of your IRAs in 2025 (or $8,000 if you’re at least 50 years old). The IRS doesn’t specify contribution limits for ...
The agency delayed implementing a new rule that would have required catch-up contributions made by people earning over $145,000 to be directed into an after-tax Roth account. ... in 2024, any ...
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 ...