Pa 529 Max Contribution 2024 Tax Year

Pa 529 Max Contribution 2024 Tax Year. For those who want to stash as much away for college as they possibly can, it's worth noting that the annual gift tax exclusion is increasing. In turn, making large contributions all at once could lead to tax penalties.

For those earning $93,610 or less, the maximum credit of $500 can be earned with a relatively low contribution of $1,000 (where 50% of the contribution can be taken as a tax credit). Pennsylvania taxpayers can deduct their contributions (up to $32,000 for joint filers) on their state income tax returns.