529 Plan Maximum Contribution
August 2nd, 2010
Question: What is the maximum 529 Plan contribution limit per parent for 2010?
Answer: Those are old numbers. It’s $13,000 per account for 2010. So that’s $26,000 per account for married parents (or grandparents).
Anyway, the point of 529’s is that you can make up to 5 years of contributions at one time (then you have to wait 5 years before you can make any more contributions). So you could theoretically contribute up to $65,000 per account this year (or $130,000 for married parents). If you do gift more than $13,000 per account, you will need to file Form 709 with the IRS so they can make sure you aren’t gifting more than $1 million in your lifetime. No gift tax is due until you have given a cumulative $1M each, but the report is due.
savingforcollege.com is the classic web site for info on 529 plans.
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