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What is the maximum that can be contributed annually to Section 529 college savings plans?
Wiki User
∙ 15y ago
I don't believe there is a set limit for annual contributions, though most plans have lifetime contribution limits per account of about $250,000 to $300,000. Note that if you make contributions of more than $12,000 per account (this is doubled to $24,000 if you're married and contribute jointly), you'd run up against federal gift tax. This can also be avoided by accelerating the gifts, which is allowed for up to five years. So, say you hit the lotto or inherit some money and you want to contribute to some 529 accounts. You could give $60,000 ($120,000 if married contributing jointly) in that year without facing federal gift tax, but you'd then not be able to make contributions in any of the next four years without every dollar being subject to gift tax. Effectively, you will have used up 5 years' worth of federal gift tax exemptions with your big one-time contribution.
Wiki User
∙ 15y ago
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