How much can I contribute?
Contributions to 529 plans are treated by the IRS as gifts, and as of 2020 you can contribute up to $15,000 per year ($30,000 as a married couple) to qualify for the annual federal gift tax exclusion.
It is also possible to “superfund” the next five years of contributions ($75,000 per person or $150,000 as a couple) using the option of one-time deposit, but we generally recommend initiating a recurring monthly contribution, to spread out your contributions over time.
Can I roll over money from another 529 plan?
- Open the UNest iPhone or Android App
- From the Main Menu, select “Roll Over Account”
- Follow the prompts to enter the requested information.
Important requirements for roll overs:
- You must be the account owner of the account you’re rolling over and the beneficiary must be the same person
- You can only roll over funds once every 12 months (for the beneficiary) to avoid tax consequences.
- You will need information about the account you’re rolling over from (the plan, account number, and approximate current balance in the account).
Can other people contribute?
Yes! Each UNest tax-advantaged account comes with seamless gifting capabilities for family and friends to send gift funds for any occasion using ACH or Credit/Debit cards. Launching December 2020!
Can I change the bank I use to make contributions?
Yes! Please note that if you change your bank, it will change the source of your contributions for all associated accounts (if, for example, you have an account for each of your children, changing the bank will update all of those accounts).
- Open the UNest iPhone or Android app.
- From the Main Menu, choose “My Profile”
- Near the bottom of the screen, choose “Bank Details”
- Tap “Edit” in the upper right corner of the screen.
- Enter your new bank information.