So, a 529 plan is designed to help save for the future education costs of a single beneficiary. You as the plan account owner may change the beneficiary as often as you like on a 529, so there are no limits on either yearly or lifetime. It does have to be a qualifying family member though. A qualifying family member includes:
Natural or legally adopted children
Parents or ancestors of parents
Siblings or stepsiblings
Stepchildren
Stepparents
First cousins
Nieces or nephews
Aunts or uncles
In addition, the spouse of the beneficiary or the spouse of any of those listed above also qualifies as a family member of the beneficiary.
Keep in mind though there will be paperwork each time you do it.
Thanks again for the question @jad56061
All the best,
Marc
Employee Tax Expert
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
