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No, the 529 College Savings Plan is limited to undergraduate and graduate tuition and expenses only. MAKING CONTRIBUTIONS Who can set up a 529 plan? Parents, grandparents, other family members, friends—anyone can establish a 529 College Savings Plan. You can even establish a plan for yourself. There are no age or income restrictions. What is the maximum amount I can contribute? Maximum contributions vary by plan. The highest maximum available today allows you to invest a lump sum of up to $300,000 per beneficiary. In doing so, however, only $55,000 may be used to satisfy your federal gift-tax exclusion in any five-year period. Can I continue to contribute to a Coverdell Education Savings Account if I’m enrolled in a 529 College Savings Plan? Yes, you may. In fact, you may use the money in a Coverdell Education Savings Account to pay for K-12 expenses. Can I make automatic contributions? Yes, you can arrange to have funds automatically deducted from a checking or savings account. Can ...
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Can funds be used for private elementary or high-school tuition?
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