What are the contribution limits for a 529 plan?
An example of an AI chatbot conversation about 529 plan contribution limits.
What are the contribution limits for a 529 plan?
The contribution limits for a 529 plan can vary by state, but generally, there is no annual limit. However, contributions are subject to a lifetime limit, often around $300,000 to $500,000.
Are there any tax benefits for contributing to a 529 plan?
Yes, contributions to a 529 plan may be tax-deductible on your state income tax return, and the earnings grow tax-free.
Can I change the beneficiary of a 529 plan?
Yes, you can change the beneficiary of a 529 plan to another eligible family member without tax penalties.
What happens if I exceed the contribution limits?
If you exceed the contribution limits, you may face gift tax implications, and the excess contributions could be subject to taxes.
How do I open a 529 plan?
To open a 529 plan, you can choose a plan from your state or another state, complete the application, and make an initial contribution.
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