More 529 questions
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Anonymous
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http://www.collegesavingsmd.org/mcip-account-holder-faqs.aspx
Hmmm - not sure some of the above info in correct. There is a total max of $350,000 per child that may be deposited in a Maryland 529, but I don't think there is a max per year except that you can't donate more than $350,000. |
Anonymous
| Correct. But federal gift taxes kick in after $14K per year, or the 5-year lump sum contribution of $70K (double the figures for married couples). You can contribute $350K to it in one year but there would be a sizeable tax bill on your hands. |
Anonymous
| Do gift taxes apply if you give the money to your own child as opposed to a grandparent gifting the money? |