Hi Is there contribution limit for 529 account? I am using it for graduate school started this summer. I understand its 15k per beneficiary per donor for “child”.
Q1. Is it also same for “self”?
Q2. 15k from myself + 15 k from husband allowed given we are filing jointly?
There is no limit for a person contributing to their own (self) 529 plan.
Actually, there is also no limit for contributing to a 529 where someone else (usually your child) is the beneficiary. The $15,000 limit refers to whether the gift tax return rules apply. There a special rule for 529 plans. Individuals may contribute as much as $75,000 to a 529 plan in 2021 if they treat the contribution as if it were spread over a 5-year period.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
