529 Annual Contribution Limits 2025 New York. Ny 529 Contribution Limit 2025 Kyla Monmore Contributions that exceed the annual gift tax exclusion of $18,000 per beneficiary ($36,000 for a couple giving jointly) may be subject to gift taxes if the contributor does not elect to use 5-year gift-tax averaging. "While no annual contribution limits exist for 529 plans, most states limit the total contributions that qualify for an income tax.
How Much Is Your State's 529 Plan Tax Deduction Really Worth? from www.savingforcollege.com
In Massachusetts, for example, savers can deduct only $1,000 in 529 contributions ($2,000 for a married couple filing jointly), while in Colorado, the 2023 limit is $20,700 ($31,000 for joint filers). Each state sets 529 plan contribution limits, which range from $235,000 to $575,000.
How Much Is Your State's 529 Plan Tax Deduction Really Worth?
The IRS considers contributions to a 529 plan as completed gifts for federal tax purposes In Massachusetts, for example, savers can deduct only $1,000 in 529 contributions ($2,000 for a married couple filing jointly), while in Colorado, the 2023 limit is $20,700 ($31,000 for joint filers). This means you can contribute any amount each year, as long as you stay within your state's maximum aggregate contribution limit.
2025 401k Contribution Limits Irs Lola Becher. Residency determines eligibility for New York's 529 tax benefits 529 plans have no annual federal contribution limits
Updated HSA Contribution Limits for 2025 BPAS. "While no annual contribution limits exist for 529 plans, most states limit the total contributions that qualify for an income tax. Here are 2024 & 2025 contribution limits and tax benefits.