The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ... per year before you need to file IRS Form 709. Since each donor can contribute up to $19,000 per ...

In 2025, the maximum contribution for superfunding a 529 account per child is $95,000 ... Each person must file IRS Form 709: Gift Tax Return individually for gift tax purposes.

Each state offers a 529 plan, providing families an opportunity to save for their child’s education. While this once only applied to colleges, the Tax Act of 2017 now allows contributions to be ...

In addition to awareness, families may have certain misconceptions about 529 plans, such as confusion around residency and contribution ... and the gift tax form 709 is completed," Green wrote ...

While 529 contributions must be made with after-federal-tax money, your contributions grow free from federal or state tax, making them solid options for education savings. It's no wonder they have ...

so a 1099-Q will be generated if funds are distributed from a 529 plan, and the Form 5498 will be received from the Roth contributions,” Cieniewicz says. Under the SECURE 2.0 Act, the new rules ...

Though the contribution may be small, families aiming to afford rising college tuition costs know that every dollar counts. Before opening a 529 plan for a grandchild, review these tips.

One of the most talked-about provisions of the SECURE 2.0 Act is the one allowing a limited amount of unused funds in 529 accounts to be rolled over to Roth individual retirement accounts.

The drawback is lower contribution limits: $2,000 per year per beneficiary. How soon do you need to spend your 529 account dollars? What to do with those accounts in a down market depends on ...