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Level 2

Solved

529 contribution limit for self

2 replies
55 views

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_AlAnswer

Level 15

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.

Answer

Level 15

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.

Peloton115Author

Level 2

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