In 2020, many families are trying to make the most of their tax-advantaged savings accounts. Those saving for retirement may deposit up to $6,000 to an IRA or Roth IRA ($7,000 if you’re over age 50) and up to $19,000 to an employer-sponsored 401(k). But what about college funds? That’s where it can get tricky, since the IRS doesn’t specify an annual contribution limit for 529 plans and many 529 plans offer high total contribution limits.
previous
