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18 mar 2024 · There are no annual contribution limits for New York 529 plans, other than the annual gift tax exclusion and 5-year gift-tax averaging. New York 529 plans have the highest cumulative contribution limit of $520,000 per beneficiary.
27 mar 2024 · 529 contribution limits are set by states and range from $235,000 to $575,000. Annual contributions over $18,000 must be reported to the IRS.
16 wrz 2024 · There are no yearly 529 plan contribution limits, as there are with many retirement accounts. However, each state sets its lifetime contribution limit for 529 accounts per beneficiary, typically ranging from $235,000 to more than $550,000.
28 cze 2023 · In 2023, you can contribute up to $17,000 to a 529 plan ($34,000 as a married couple filing jointly) and qualify for the annual gift tax exclusion, which lets you avoid the gift tax.
1 paź 2024 · Many states have a total allowable contribution limit of $500,000 per beneficiary, though some states have lower or higher 529 limits. These limits are generally based on the cost to attend a four-year undergraduate or graduate program within the state.
30 paź 2024 · Key takeaways. Individual states sponsor 529 plans and have varying total account maximums determined by a given state. In 2024, individuals can gift up to $18,000 in a single 529 plan without those funds counting against the lifetime gift tax exemption amount.
New York's 529 College Savings Program Direct Plan provides New York families with a tax-advantaged way to save for college, and allows City employees to save for college through easy payroll deductions.
