Each state determines the minimum contribution you must make to open a 529 account — from as little as $15 to as much as $1,000.
The maximum you can put away also differs from state to state. Some
529 savings plans
let you contribute more than $300,000 over the life of the account, while others set lower limits on what you can contribute. Some
prepaid plans
set the maximum lump-sum contribution as low as $10,000.
You can contribute up to $12,000 per year (or $24,000 if you’re married, and your spouse agrees) to any one beneficiary without potentially incurring a gift tax. And you can make a lump-sum contribution of $60,000 free of gift tax — or $120,000 if you file jointly and your spouse agrees — provided you wait five years before making another contribution.
