can a student have more than one 529 plan
Each 529 plan is somewhat unique. Some state-sponsored plans offer incentives to in-state participants, such as state income-tax deductions or credits. Each 529 plan has one custodian and one beneficiary. A student or future student can be the beneficiary of more than one 529 plan.Contribution limitations. Contributions can not exceed the amount necessary to provide for the qualified education expenses of the beneficiary.ome state-sponsored plans offer incentives to in-state participants, such as state income-tax deductions or credits. Each 529 plan has one custodian and one beneficiary. A student or future student can be the beneficiary of more than one 529 plan. Contribution limitations.
âThe college savings accounts known as 529 plans have multiple benefits for parents saving for their children's education: tax savings on earnings when used for qualified expenses; additional tax deductions on contributions in certain states; and the ability to front-load accounts without the threat of a gift tax.arents can open a regular 529 account to save for additional qualified expenses, such as books, computers, and room and board, says Nancy Farmer, president of Private College 529 Plan, a prepaid tuition plan sponsored by more than 275 private colleges and universities.