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529 Plan Contribution Limits
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Flashcards
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Rollovers between 529 plans and their tax implications
Tax-free if completed within 60 days and for the same beneficiary or a family member
Impact of 529 plan contributions on federal financial aid eligibility
Minimal; treated as parental assets in the Expected Family Contribution (EFC) calculation
Tax treatment of 529 plan withdrawals for qualified education expenses
Earnings and withdrawals are tax-free at the federal level and often at the state level
Annual contribution limit for an individual to a 529 plan in 2023
Penalty for non-qualified withdrawals from a 529 plan
10% federal penalty tax on earnings plus income tax on the earnings portion of the withdrawal
Tax consequences of exceeding annual contribution limits
Potential gift tax liability and reduction in lifetime gift tax exemption
Gifting strategies to maximize contributions to a 529 plan without triggering tax consequences
5-year superfunding, front-loading contributions using gift tax exclusions
Maximum aggregate contribution limit for 529 plans
Varies by state, typically ranging from 529,000
529 plan state tax benefits and limits
Varies by state; some offer tax deductions or credits for contributions
529 plan contribution deadline for a tax year
December 31st of the tax year for federal tax purposes; varies for state tax deductions or credits
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