If we're married filing separately, can each of us open our own 529 College Savings Plan and contribute to our daughters college savings separately?

raptor527 — Thu, 06 Jun 2019 10:09:03 GMT

Yes. You can file married filing separately and each of y...

AndreaG — Thu, 06 Jun 2019 10:09:05 GMT

Yes. You can file married filing separately and each of you can open a 529 plan for your daughter. However, the total contributions per beneficiary is $2000 per year so between both of your accounts, the contributions cant be greater than $2000. For example, if one of you contributes $1000 during the year, the other spouse can only contribute $1000 during that same year.

Additionally, for each of you to make contributions to a 529 plan, the individual adjusted gross income for each of you, for the year, has to be less than $110,000. Please refer to page 46 of pub 970 under the heading, "coverdell education savings account" for additional information. https://www.irs.gov/pub/irs-pdf/p970.pdf

topic If we're married filing separately, can each of us open our own 529 College Savings Plan and contribute to our daughters college savings separately? in Get your taxes done using TurboTax

If we're married filing separately, can each of us open our own 529 College Savings Plan and contribute to our daughters college savings separately?

Yes. You can file married filing separately and each of y...