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Posted on 3/20/15 at 11:00 am to poochie
Contributions to a 529 just cannot exceed the amount necessary to pay for the expenses for the beneficiary. You also could start dipping in to your lifetime gift allowance if you exceed $14,000 in one year. So basically it is highly unlikely that you would ever be confined to those limits.
Posted on 3/20/15 at 11:20 pm to poochie
I can't remember the exact wording of how the max is calculated but it was something like $325,000 when I checked a couple of years ago. In theory you could fund it in a single contribution but only get state tax deduction for $4,800 MFJ return, lol. The state however would match 2-14% of the total contribution based on your AGI from last years tax return.
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