Reply to What do you consider a "fully funded 529"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I see people throwing around that their child has a "fully funded 529".  I don't think there is any consensus about what this actually means.  I can see it meaning a few different things:
1) You contribute an amount each year to get maximum tax write off ([b]In VA this is $4,000 per child per year[/b])
2) The 529 currently has an amount in it that given a historical rate of return and years until college, will pay for 4 years of college at a state school
3) #2, but at a private college 
4) #2 or # 3, but includes funds for grad school as well
5) It has the maximum allowed contribution $350,000.

[/quote]

Technically, it's $4,000 per [b]account[/b] per year.  So, you could have multiple accounts for the same beneficiary and take multiple $4,000 deductions ... up to the $14,000 gift limit. [/quote]

OP here - have never heard this before.  Can you provide a link?  So, can DH open accounts for our children and we can claim $8K per child per year?[/quote]

NP here.  It's definitely NOT the case in DC.  In DC it is $4k max per person.[/quote]
Um, so what does it mean on the DC 529 website when it reads:

Deduct up to $4,000 in Plan contributions from their federal adjusted gross income each year on their D.C. tax return (up to $8,000 for married couples filing jointly if both own accounts).

http://www.dccollegesavings.com/about-tax-benefits.aspx[/quote]

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