Can a child have multiple 529 College Savings Plans?

David Roberts, CPA, shares advice for parents on the guidelines for 529 College Savings Plans and the maximum amount you can contribute per child
529 College Savings Plans - Can A Child Have Multiple Plans
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Can a child have multiple 529 College Savings Plans?

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The maximum for a 529 plan is dictated by the state. You can invest in any state's 529 plan regardless of where you live, and the maximum's push date range between $150,000 and $300,000. Interesting thing, what I just said about you can invest in any state. Let's say you lived in Texas and you wanted to invest in the New York state 529 plan, your child could still go to California to go to college. And who can invest in the 529 plans or who can contribute? Parents, and even if you're divorced parents, each parent can contribute. You can contribute $13,000 per individual per child. So two parents, whether you're together or divorced, could contribute $26,000 per child. A grandparent could contribute another $13,000, or if you had both grandparents another $26,000 all up to that maximum of $250,000-$300,000 depending on the state.

David Roberts, CPA, shares advice for parents on the guidelines for 529 College Savings Plans and the maximum amount you can contribute per child

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David Roberts

CPA

David Roberts has five children and lives in Southern California with his wife Cynthia, their dog Lucy, and cat named Cooper. Dave has always singled out being an involved parent as his most important life’s work while managing the job responsibilities of being managing partner of his CPA firm, RBZ, LLP in West Los Angeles.

 

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