529 Contribution Limits 2024 Iowa

529 Contribution Limits 2024 Iowa. For iowa residents, annual contributions of up to $5,500 per beneficiary per taxpayer may be deductible from iowa taxable income in 2024 (adjusted annually for inflation). The credit is 25% of the first $1,000 paid for each dependent for tuition and textbooks.

When you contribute money to a 529 plan, it’s considered a gift by the irs. You can contribute up to $90,000 in a single year for each beneficiary ($180,000 for a married couple filing jointly) without incurring a federal gift tax.