529 Plan Calculator
Estimate how your 529 education savings will grow over time. See projected tax-free balances, potential state tax deductions, and how different contribution amounts affect your college savings goal.
Projected Balance
$161,397After 18 years
Total Contributions
$90,000Tax-Free Growth
$71,397Total Tax Benefit
$10,710Growth + state deductions
| Year | Child's Age | Contribution | Growth | Balance |
|---|---|---|---|---|
| 1 | 0 | $5,000 | $140 | $5,140 |
| 2 | 1 | $5,000 | $457 | $10,597 |
| 3 | 2 | $5,000 | $793 | $16,390 |
| 4 | 3 | $5,000 | $1,151 | $22,541 |
| 5 | 4 | $5,000 | $1,530 | $29,071 |
| 6 | 5 | $5,000 | $1,933 | $36,004 |
| 7 | 6 | $5,000 | $2,360 | $43,364 |
| 8 | 7 | $5,000 | $2,815 | $51,179 |
| 9 | 8 | $5,000 | $3,296 | $59,475 |
| 10 | 9 | $5,000 | $3,808 | $68,283 |
| 11 | 10 | $5,000 | $4,351 | $77,634 |
| 12 | 11 | $5,000 | $4,929 | $87,563 |
| 13 | 12 | $5,000 | $5,540 | $98,103 |
| 14 | 13 | $5,000 | $6,191 | $109,294 |
| 15 | 14 | $5,000 | $6,880 | $121,174 |
| 16 | 15 | $5,000 | $7,614 | $133,788 |
| 17 | 16 | $5,000 | $8,392 | $147,180 |
| 18 | 17 | $5,000 | $9,217 | $161,397 |
Frequently asked questions
What is a 529 plan?
A 529 plan is a tax-advantaged savings account designed to help families save for education expenses. Contributions are made with after-tax dollars, but the money grows tax-free and withdrawals for qualified education expenses — including tuition, fees, books, and room and board — are completely tax-free at the federal level. Many states also offer additional tax deductions or credits for contributions.
What is the 529 contribution limit?
There is no federal annual contribution limit for 529 plans, but contributions above $18,000 per year ($36,000 for married couples filing jointly) may be subject to gift tax. 529 plans also allow "superfunding" — a one-time contribution of up to $90,000 ($180,000 married) spread over five years without triggering gift tax. Lifetime contribution limits vary by state, typically ranging from $235,000 to $550,000 per beneficiary.
Can 529 money be used for non-education expenses?
Yes, but non-qualified withdrawals are subject to a 10% penalty plus ordinary income tax on the earnings portion. The SECURE Act 2.0 (effective 2024) allows unused 529 funds to be rolled over into a Roth IRA for the beneficiary, up to a lifetime limit of $35,000, subject to annual Roth IRA contribution limits and a 15-year account seasoning requirement.
Which states offer a 529 tax deduction?
More than 30 states offer a full or partial state income tax deduction or credit for 529 contributions. Most states require you to contribute to your own state's plan to claim the deduction, though a handful of states offer a deduction for contributions to any state's 529 plan. Indiana, Oregon, Utah, and Vermont offer a tax credit rather than a deduction, which is generally more valuable. Check your state's plan details for current limits and eligibility requirements.