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.
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.