topic Re: 529 contribution limit for self in Education

529 contribution limit for self

Peloton115 — Mon, 27 Dec 2021 20:36:42 GMT

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?

Re: 529 contribution limit for self

Hal_Al — Mon, 27 Dec 2021 23:10:18 GMT

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.

Re: 529 contribution limit for self

Peloton115 — Tue, 28 Dec 2021 02:18:56 GMT

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