WebMar 26, 2024 · Front-load 529 plan contributions. Current gift tax rules allow individuals to fund five years of 529 contributions without using the lifetime gift exemption. Each spouse can contribute up to $75,000 per child into a 529 plan today. WebFeb 12, 2024 · As of 2024, the gift tax exclusion is $16,000 per recipient. That means you can deposit up to $16,000 into 529 plans for your grandson, granddaughter, and niece, all in the same year. Your spouse ...
Common 529 plan questions - The Vanguard Group
WebForm 709, Schedule A, Line B Attachment. – Donor made a gift to a Qualified State Tuition Program (a 529 plan). – Total amount contributed $140,000 in 2014. – Donor elects pursuant to Section 529 (c) (2) (b) of … WebMay 16, 2024 · The IRS allows up to five years of 529 contributions at once with the potential to avoid gift tax consequences. You could contribute $75,000 in 2024 or $80,000 in 2024 (or $150,000 or $160,000 for a … cold sore tea bag treatment
529 Plan Contribution Limits in 2024 - Investopedia
WebFeb 16, 2024 · A 529 plan is designed to pay for future education costs, usually for a child or grandchild. With the new tax law, 529s can now be used for K-12 education costs, as well as certain college costs. Front-loading a 529 plan allows earnings to be compounded on more money over a longer period of time. Investopedia’s recent article, “Why You ... WebJan 10, 2024 · So I am at a bit of a cross roads and would really value this forum's opinion. I have 2 children (Age 20 months, and 3 weeks), and I am starting to save for college … WebMar 9, 2024 · This strategy allows taxpayers to make a lump sum contribution to a 529 plan of up to five times the annual gift tax exclusion, if the contribution is treated as if it were spread over a five year period. That means you can contribute up to $85,000 to a 529 plan ($170,000 if married giving jointly) in a single year and not owe any gift taxes. dr melissa aldy baton rouge