How much can you contribute to a 529 plan in 2024?

They are based on the gift tax guidelines. In 2024, the annual 529 plan contribution limit rises to $18,000 per contributor. Unlike retirement accounts, the IRS does not impose annual contribution limits on 529 plans. Instead, limits are based on aggregate contributions and controlled by states.

What are 529 plan contribution limits?

529 plan contribution limits are generally large. They range from $235,000 to $531,000. Some per-beneficiary contribution limits are listed below: Most states offer multiple 529 plans and you may find that plans within the same state that have different limits.

What is a 529 plan?

A 529 plan is a savings plan that can provide tax-free investment growth and withdrawals for qualified education expenses. 529 plans have high contribution limits, which are generally intended to be enough to cover the cost of college.