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Reply to "Opening a 529 for the second child"
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[quote=Anonymous]Federal gift tax annual exclusion (currently $14K) applies on a per-donee basis, so you need separate plans with separate beneficiaries to take full advantage of the exclusion. Also, there is a limit on the size of a 529 account based on "reasonable needs of the beneficiary" or similar language to that effect (federal rule, implemented by caps in state plans, e.g., $350K in VA).[/quote]
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