Pa 529 Contribution Limits 2024. Additional awards are also available. The 529 account must have been open for at least 15 years.
In 2024, you can contribute up to $18,000 per beneficiary per year before you’d need to file irs form 709. This chart shows the amounts a taxpayer can contribute to a beneficiary per tax year.
* $17,000 For Tax Year 2023.
That means an individual can contribute up to $90,000 in a single year to a particular 529 plan in 2024.
This Limit Is Subject To The Annual Roth Ira Contribution Limit, Which Is $7,000 In 2024.
529 contribution limits are set by each state plan and generally apply a total account limit per beneficiary.
Unlike Retirement Accounts, The Irs Does Not Impose Annual Contribution Limits On 529 Plans.
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529 College Savings Plans Do Not Have Contribution Deadlines.
Unlike retirement accounts, the irs does not impose annual contribution limits on 529 plans.
Pa 529 Account Owners May Deduct Up To $17,000 (Previously $16,000) Of Contributions To Their Accounts, Or $34,000 (Previously $32,000) For Couples Filing Jointly, Provided Both Spouses Have At Least $17,000 Of Income.
* $17,000 for tax year 2023.
This Limit Is Subject To The Annual Roth Ira Contribution Limit, Which Is $7,000 In 2024.