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Reply to "529 Max Contribution"
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[quote=Anonymous][quote=Anonymous]The max contribution for a 529 in 2024 is $36k for a married couple. Do you know what happens if you contribute more than the max in 2024?[/quote] $36k is the max for a couple to avoid going over the gift tax exclusion in a year. But all that means is you need to report it to the IRS and track for the totally separate lifetime gift tax exemption, which is....$26 million to a single person from a couple. So you probably aren't getting to close to that. If you go over $36k, you have to report it on your taxes (there is a separate form), but there are no tax implications. As the first reply says, you can "bunch up" 5 years worth of max contributions and it doesn't need to be reported, as long as you don't exceed the total $180k over 5 years. https://smartasset.com/investing/529-plan-contribution-limits Each state also has max contributions total.[/quote]
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