529 limits

State-Specific 529 Contribution Limits

Every state's 529 plan allows for maximum contributions of at least $200,000 per beneficiary. Michigan, Mississippi and Tennessee have the lowest balance limits at $235,000, while states like Wisconsin, Ohio and Pennsylvania allow contributions into accounts with balances exceeding $400,000. Individuals can continue contributing to a 529 account until the total balance reaches the maximum allowed. Once this point is reached, any contributions made to the account are not accepted and will be returned to the investor.

These contribution limits apply to each beneficiary. For example, in Michigan, which has a $235,000 maximum contribution limit, a set of parents contributing $200,000 for a beneficiary and a set of grandparents also contributing $200,000 to the same beneficiary would not be allowed.

Contribution maximums generally do not apply across states. An investor hitting the maximum in one state would likely be eligible to contribute further in another state's plan, but individuals should check with plan administrators first to make sure this is allowed.

Gift tax consequences may also need to be considered when making contributions to another person’s 529 account. Contributions of up to $14,000 per year can generally be made without any gift tax consequence. Contributions made by a grandparent, for example, into a grandchild's 529 account exceeding the annual $14,000 limit could trigger gift taxes. Individuals would be allowed to make a $70,000 one-time lump sum contribution with the understanding that it would cover five years' worth of gifts.

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