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What is the income limit for a 529 plan?

Many tax-advantaged savings accounts have income limits that determine contribution eligibility. There are no income limits for 529 plan contributions. There are income limits for Coverdell ESA contributions.

Are 529 contributions taxable?

Fund your future. Because each state sponsors its own 529 plan, they have their own rules about 529 contribution limits. Still, they all follow federal law: the earnings portion of any withdrawal not used for qualified higher education expenses (QHEEs) in a 529 is taxable and may be subject to a penalty.

Do 529 plans have a lifetime contribution limit?

An important feature of 529 plans, which sets them apart from other investment accounts like Roth IRAs, is that there is no annual contribution limit. You may save as much as you want on an annual basis, though each 529 plan has a total lifetime contribution limit.

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