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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.

How much can you contribute to a 529 plan?

That’s where it can get tricky since the IRS doesn’t specify annual 529 plan contribution limits, and many 529 plans offer high total contribution limits. There is no annual limit, but each state sets the aggregate limit for 529 accounts. The totals vary but could be as high as $550,000.

Are 529 plans a good way to save for college?

Saving for your kid’s college costs can seem daunting, but 529 plans could be a fairly simple way to prepare for those bills. These tax-advantaged accounts have high contribution limits that allow you to stash away savings for higher education. Here’s a look at 529 contribution limits for 2024, plus ways you could maximize your contributions.

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