How much can you contribute to a 529?

Instead, the agency simply notes that the amount contributed to a 529 (also called a qualified tuition program, or QTP) can't be more than what's needed to pay for qualified education expenses States do set maximum limits, which range from $235,000 to $575,000.

How much is a 529 plan deposit in 2024?

For example, a $50,000 529 plan deposit in 2024 can be applied as $10,000 per year, leaving $8,000 in unused annual exclusion per year. This is often called 5-year gift tax averaging or superfunding. This is often a great estate-tax planning strategy for parents and grandparents.

How much can you contribute to a 529 plan in New York?

The contribution limits in New York are set at $520,000. This means your combined contributions toward both plans can’t exceed that amount for each child, or beneficiary. This maximum applies to the total contributions you make the entire time you invest in 529 plans.