529 Annual Contribution Limits 2024 Nj. In turn, making large contributions all at once could lead to tax penalties. 529 contribution limits are set by each state plan and generally apply a total account limit per beneficiary.

The federal tax cuts and jobs act, which was signed into law on december 22, 2017, expanded the benefits of irc section 529 savings plans to include qualified. Many states have a total allowable contribution limit of $500,000 per beneficiary, though some states have lower or higher 529 limits.