529 Plan Contribution Limits for 2022

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Unlike with 401(k) plans and other retirement savings accounts, the IRS does not set annual contribution limits for 529 college savings plans. Instead, the states that sponsor individual 529 plans set parameters for the life of the plan. It’s imperative that you and your family know and understand these limits, as surpassing them could result in hefty tax penalties. Therefore, just like any financial move, planning ahead for your 529 plan is incredibly important.

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