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Are there yearly contribution limits to a 529 plan?

There are no yearly contribution limits to a 529 plan like certain retirement accounts. However, each state has a different aggregate contribution limit for each 529 account, typically between $235,000 and $550,000.

What is a state 529 limit?

The limits are intended to allow coverage of all college costs that are considered qualified higher education expenses. Once the combined balances of a beneficiary’s in-state 529 plans hit the state’s aggregate limit, no additional contributions can be made to any 529 plan administered by that state.

How much can you deduct from a 529 plan?

In Massachusetts, for example, savers can deduct only $1,000 in 529 contributions ($2,000 for a married couple filing jointly), while in Colorado, the 2023 limit is $20,700 ($31,000 for joint filers). Each state’s 529 plan vendor sets its own aggregate contribution limit.

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