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How much can I contribute to a 529 plan?

You may continue to make contributions until the combined balances of all accounts in the Wealthfront 529 College Savings Plan (plus other Nevada-sponsored 529 accounts) for that beneficiary reach $370,000. In some cases, investment returns may cause the total account value to exceed $370,000 even though you have contributed less than that amount.

Contributions to a 529 plan are also considered completed gifts for gift tax purposes. Under the annual gift tax exemption, an individual donor may contribute up to $14,000 gift tax-free to each beneficiary. Donors can also fund up to 5 years’ worth of exempt gifts upfront. Therefore, a couple could contribute up to $140,000 for an individual child’s 529 account using this exemption ($14,000 X 2 donors X 5 years). Contributions beyond this amount may count toward the total lifetime gift tax exemption and/or may be subject to gift tax.  

 

 

 

 

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