§529 plans are limited to a yearly contribution of $2,000 for each beneficiary and can only be used to pay for qualified educational costs incurred from kindergarten through 12th grade.

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§529 plans are not limited to a yearly contribution of $2,000 for each beneficiary anymore. However, they can still only be used to pay for qualified educational expenses incurred from college or higher education. As of 2018, up to $10,000 per year can also be used for K-12 expenses.

§529 Plans Are Limited to a Yearly Contribution of $2,000