529 Contributions Limits
Description: Contribution limits are typically quite high but there is a sub-segment of rules to be aware of, notably the minimum contribution amounts.
1. Ceiling Limits: The only thing to understand here is what the maximum allowed contribution is into the state’s plan. If you plan on putting away $400,000 over the course of 17 years and the state you’ve selected has a limit of $350,000, then there’s a gap.
2. Floor or Minimum Increment: Some states require you to start the 529 with a minimum amount so be sure you can cover the amount based on the plan you select. Also, some states will require you to meet a minimum amount on each contribution so if you setup an automated contribution from your bank account, be sure that the amount being pulled covers the minimum.
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