can each parent open a 529 plan

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People also ask

  • Can my child benefit from more than one 529 plan account?

  • Can my child benefit from more than one 529 account? The short answer is yes 鈥?the same child can be the beneficiary of multiple 529 plan accounts. If several people 鈥?parents and two sets of grandparents, for instance 鈥?want to help fund a child’s education, they can either contribute to a single 529 account or set up separate plan accounts.

  • Can I open a 529 plan in multiple states?

  • Accounts in different states are not aggregated, even when the account owner and beneficiary are the same. If the maximum contribution limitation in a particular state poses a problem (which is hard to believe considering the high limits in most 529 savings plans), you could open accounts in multiple states to get around it.

  • Can a grandparent open a 529 plan?

  • Grandparents sometime use 529 plans as an estate planning strategy, since they are able to remove a large amount from their taxable estate and still retain control of the assets. A grandparent can also open a 529 plan account in their own name for each beneficiary.

  • How can I open a 529 plan for my siblings?

  • Keep the original account for your oldest child, and open a new 529 plan for each sibling. Distributions rolled over to another plan with the same beneficiary or for the benefit of a qualified family member (including siblings) are not taxable. Remember to explore all of your options when looking for a new plan 鈥?many are available nationwide.

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