529 contribution limit for self

[Peloton115]

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? 

[Hal_Al · Accepted solution]

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.

[Peloton115]

Thank you! Noted gift return tax rules does not apply to self.