Va 529 Contribution Limit 2024

Va 529 Contribution Limit 2024. With a virginia 529 account, virginia taxpayers who own 529 accounts may contribute what they’d like to the 529 account and then deduct on their state tax return. Individual states sponsor 529 plans and have varying total account maximums determined by a given state.

In turn, making large contributions all at once could lead to tax penalties. As of 2024, gifts of up to $18,000 per year, or up to $36,000 if married, to any one person are gift tax free.