There are no annual contribution limits on how much you can contribute to a 529 plan. However, contributions to a 529 plan count as gifts for gift-tax purposes. Contributions beyond the annual gift tax exclusion may be subject to gift taxes.
What is the maximum amount in a 529 account?
$529,000
States with the highest aggregate limits
| State | Aggregate limit |
|---|---|
| California | $529,000 |
| New York | $520,000 |
| Pennsylvania | $511,758 |
| District of Columbia, Idaho, Louisiana, Maine, Maryland, Michigan, Nevada, New Hampshire, New Mexico, South Carolina, Virginia, Washington | $500,000 |
How much can I contribute to a 529 account per year?
How much can we contribute to a 529 plan? (And what about gift taxes?) Unlike any other gifts, you can retain control over your gift with no “bad” estate tax consequences. If you’re a single filer, you can contribute up to $15,000 per year without incurring gift taxes.
How much can you contribute to ScholarShare 529?
Contribution Amounts & Maximum Account Balance You can open and contribute to an account with any dollar amount. Your maximum account balance per beneficiary for ScholarShare 529 is $529,000. Any contribution beyond this amount would be returned to you.
There are also aggregate contribution limits. There are no annual contribution limits on how much you can contribute to a 529 plan. However, contributions to a 529 plan count as gifts for gift-tax purposes. Contributions beyond the annual gift tax exclusion may be subject to gift taxes.
What’s the maximum contribution to a 529 plan?
Most states offer multiple 529 plans and you may find that plans within the same state that have different limits. For example, the MO ABLE Missouri 529 plan has an aggregate limit of $482,000 while the MOST Missouri 529 Education Plan (Direct-sold) has a limit of $325,000.
Can a 529 plan be used for more than one child?
Some parents fund multiple 529 College Savings Plans in the same state or different states for several children at once. Certain state plans may factor 529 Savings Plan contributions in other states, so regardless of where your 529 plan is located, it’s essential to discuss contributions with your plan administrator as you approach plan maximums.
Can you contribute to a 529 plan in another state?
Contributions made to one state’s 529 plan don’t count toward the lifetime contribution limit in another state. But check the rules of your state’s plan to find out if that plan takes contributions from other states’ plans into consideration when determining if the lifetime contribution limit has been reached.
Can a grandparent contribute to a 529 plan?
Outside of a 529 plan, contributions of more than $15,000 per year to any individual would trigger the gift tax. But there is an exception made for contributions within a 529 plan. A grandparent could, for example, contribute a $75,000 one-time lump sum contribution to the plan, with the understanding that it would cover five years’ worth of gifts.
