Gift Tax Exclusion With Best 529 College Funds
One significant advantage that you have with a good 529 college fund is that your contribution limits are greater and are different from the limits as compared to the guidelines set down in the law of uniform gifts to minors. In the 529 plans, individuals are eligible to contribute up to $60,000 for a particular tax year. This happens if the provider elects to identify that gift in identical payments in a time period of five years and no other gifts are contributed to the recipient throughout the period.
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