Misti Teodora

529 Annual Contribution Limits 2024 Nj. Up until recently, new jersey did not allow a state income tax deduction for contributions to the njbest 529 plan. The state tax consequences of using 529 plans for elementary or secondary education tuition expenses will vary depending on state law and may include recapture of tax deductions received from the original state and may also include taxes and penalties.

Each state’s 529 plan vendor sets its own aggregate contribution limit. Up until recently, new jersey did not allow a state income tax deduction for contributions to the njbest 529 plan.