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multiple 529 plans with self and child as a beneficiary
I am planning to create two New Jersey 529 plans one with self as a beneficiary, and other one has child as a beneficiary. In future I may change self beneficiary to the same child.
As the contribution limit is per beneficiary, is the following contribution limits correct ?
As a individual
Contribution Limit (gift tax exemption): 16K to self beneficiary account + 16K to child beneficiary account.
Married
Contribution Limit (gift tax exemption) : 32K to self beneficiary account + 32K to child beneficiary account.
Or if self beneficiary account isn't exempted ?
Thanks
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March 1, 2022
9:04 AM