2024 529 Contribution Limits Married Filing Jointly

2024 529 Contribution Limits Married Filing Jointly. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. Because of the limitation, the taxpayer may claim a subtraction for no more than $20,000 of contributions made to each beneficiary’s account.

That said, the irs treats 529 contributions as gifts, which means they may be subject to taxation when totaling more than $18,000 per year or $36,000 for married. The vast majority of people do not need to worry about this, as.