You can transfer the money to yourself or the beneficiary electronically and then make payment to the school. qualified withdrawals from an ESA are not counted as income in calculating a student’s financial aid. If you redeposit the money within the 60-day window, then you don’t have to worry about taxes. Cash and Cash. Press Control-F11 to adjust the website to the visually impaired who are using a screen reader; Press Control-F10. Couples filing taxes jointly may contribute a total of $34,000 per year per beneficiary without paying gift tax. Log in and request a withdrawal online. But in. The Path2College 529 Plan is offered by the State of Georgia, with TIAA-CREF Tuition Financing, Inc. Saving for College. You should take 529 plan distributions during the same calendar year that you pay for the qualified expenses. Likewise, once a borrower receives $10,000 in. Footnotes. Here’s why: 1. The key to avoiding costly penalties and additional taxes is to follow the rules of your 529. Start the process by logging into your account. m. If great than $10,000, you will need to cash the refund check, and then send OTTA a personal check for the re-contribution. , your child once they are of age). com. 3,4 Plus, Ohio taxpayers can deduct their contributions to a CollegeAdvantage Direct 529 Plan from their state income taxes up to $4,000 per beneficiary, per year, with unlimited carry forward. The processing time for your withdrawal depends on the method you use to withdraw your money. The Path2College 529 Plan is offered by the State of Georgia, with TIAA-CREF Tuition Financing, Inc. Educational institutions can offer pre-paid tuition programs, but not 529. But if you withdraw the 529 plan funds first, before. Or you can mail the Plan a completed Withdrawal. 5 years old, this is an early withdrawal. Pros. Non-qualified. . If you're a New York State taxpayer, you can also benefit from the state tax deduction. Invests primarily in well-established companies with strong balance sheets and a history of consistently paying dividends, helping to provide downside resilience. IRA/401k withdrawals & redeposits. For withdrawals made payable to the account owner, the 1099-Q is sent to the account owner. e if you invested $100 and the account now had $125, a $100. Non-qualified withdrawals will incur a 10 percent penalty on the earnings portion of that non-qualified withdrawal and should be reported as income by the 1099-Q. For more information about Wisconsin's Edvest 529 College Savings Plan, call 1-888-338-3789 or click here for a Plan Description which includes investment objectives, risks. Updated: Sep 2021. ”. 529 plans offer tax-free withdrawals when the funds are used to pay for qualified education expenses. A 529 savings plan is designed for the longer term. For parents, grandparents, really anyone interested in saving for higher education, this learning resource is designed to answer most all your questions about college savings options, Ohio’s 529 Plan, and when to start. In general, this includes costs of attending an eligible college or university. But there’s more. For more details about the Direct Plan's tax benefits, refer to the Disclosure Booklet and Tuition Savings Agreement. In this case, the $17,000 gift maximum (2023) per. Below are all the forms you should need to create and manage your NC 529 Account. Ronda Lee. Include Schedule OR-529 with your Oregon personal income tax return. As long as your qualified education expenses are greater than or equal to the amount withdrawn from the 529, you don't have to report anything about the withdrawal on your tax return. The amount of your service credit redeposit will be the cost of your withdrawal plus interest, compounded annually through the end of the current pay period. There are some guidelines including: 1) The refunded amount must re-deposited within 60 days of the issuance of the refund; and 2) it must be deposited into a qualified 529 account. Nevada - Nevada offers three 529 plans (including Vanguard) and a Prepaid Tuition Program. A 10% federal penalty tax and. For example, if you lose your job but expect to be working again soon, you can take a withdrawal and then redeposit up to $14,000 in one year without incurring a. SECTION 1 | Account Information Account Owner Name Account Number(s) Phone Number Email Address 529 plan deposits are made with after-tax money, so only the earnings portion of non-qualified withdrawals are subject to tax. For more information about the Wealthfront 529 College Savings Plan (the “Plan”), download the Plan Description and Participation Agreement or request one by calling 844-995-8437 or emailing support@wealthfront. Unfortunately, the college automatically refunded the credit directly to my daughter’s checking account. Now 529 funds are a bit different. Families receiving refunds from colleges can redeposit money to 529 plans April 24, 2020 TIM GRANT Pittsburgh Post-Gazette [email protected]. You must make 529 plan distributions during the same tax year that you incur the qualified higher education expenses. A 529 education savings plan is a qualified tuition program that offers tax benefits to investors. It’s complicated. Consider a 529 withdrawal for a short-term emergency. Expenses for fees, books, supplies, and equipment required. If you or your beneficiary receive a check and deposit it in the Roth IRA, you could have to pay taxes and face penalties. 1 Oklahoma taxpayers can reduce their state taxable income up to $20,000 if married filing jointly ($10,000 filing single), from contributions made into Oklahoma 529. If you spend. You can transfer money between Fidelity accounts or to your bank account. The 60-day rollover rules essentially keep people from taking money out of their retirement accounts tax-free. To access, please call 1-866-529-8582 and follow the prompts. A 529 plan offers tax-free earnings and tax-free withdrawals as long as the money is used to pay for qualified education expenses. That could mean giving the government $1,000, or 10% of a. 529 prepaid tuition plans vs. 2001 memo confirmed that they did not reduce the qualified and related expenses for the purpose of. If you use a 529 plan to save for college, your savings will have a minimal impact on. That is, the plan distributions must be made during the same tax year that the qualified expenses are incurred. IR-2023-215, Nov. Withdrawal for a Qualifed Education Loan Repayment to the Benefciary. A. ↩ 2 Source: ISS Market Intelligence 529 College Savings Fee Analysis 3Q 2023. I. How a 529 Plan Works. CollegeAdvantage, Ohio's 529 Plan, is a simple and flexible way to save for whatever school comes after high school. Topic No. Please note that refunds from K-12 schools are NOT eligible for recontribution. When. Are there any restrictions or things I should be aware of when it. From My Accounts, choose the appropriate account to act on. 529 savings plans may also be used to save for K-12 tuition. Saving for education. 2 For the tax year 2023, there’s no federal gift tax on contributions made up to $17,000 per year for a single filer, or $34,000 for a married couple. By . Withdrawal from your NC 529 Plan Account, you may request that those funds be redeposited into the same Account to avoid certain tax consequences and penalties, as long as you meet the IRS requirements. m. Room & board costs are considered qualified only during. She can withdraw funds from a 529 plan at any time for any reason, but the earnings portion (not principal contributions) of a non-qualified distribution is subject to ordinary income. If not, the withdrawal may be taxable, and you could experience a tax penalty. 1. Unfortunately, the college automatically refunded the credit directly to my daughter’s checking account. 10% tax. 529. Virginia529 has posted the Form 1099-Q to online accounts and physical. The Benefits Of 529 Plans For Retirees. c Qualified withdrawal to an eligible college or university. A distribution from a pre-tax IRA account is typically subject to a 10% early withdrawal penalty if taken before 59 ½. If you really think there is no chance you or anyone else in your family will ever use the funds in the 529 plan for education-related purposes, then go ahead and take a nonqualified distribution. -Keep any records needed to document this process. You must mail in a check as the re-contribution. Annual limits. 1 If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. That means the person has 60 days from the moment they receive the distribution to roll it into another IRA or retirement plan. For withdrawals made payable to the account owner, the 1099-Q is sent to the account owner. Most states set a December 31 deadline, but Georgia, Mississippi, Oklahoma, Oregon, South Carolina and Wisconsin give you until April 15, 2019 (and Iowa gives you until May 1, 2019) to make tax. taxed on 529 Withdrawal. Your rollover can't exceed the annual Roth contribution limit, which in 2023 is $6,500. Normally, withdrawing from a 529 plan for nonqualified education expenses comes with potential taxes and penalties. my529 is one of only two 529 plans nationwide to earn the Morningstar Analyst Rating™ of Gold. S. 4. 6 tips for making qualified withdrawals from your 529. Performance. CARES act RMD withdrawal and redeposit confusion. Any redeposit beyond that time frame counts as an unqualified withdrawal and triggers potential tax consequences. Using a 529 plan to cover college costs can be a great way to minimize the need for student loans. All Capital Group trademarks mentioned are owned by The Capital Group. For Schwab Bank, Schwab Global Account, 529 Plan and other forms and applications not listed here, view. How Much Can I. With a 529 education savings account, you may make withdrawals from the beneficiary’s account for higher education expenses at any time and in whatever amount you decide; however, withdrawals must be for “ qualified education expenses ”. Match your 529 plan withdrawal to qualified education expenses. Step 1: Calculate how much you are spending on qualified education expenses. 0. These expenses are defined by the Internal Revenue Code to include the following: Qualified K-12 Education Expenses . ABLEAmerica® Plans. Mail the form to the address below. investors. For 529 funds those can be used to pay for the qualified education expenses of tuition, books, and lab. When 529 plan funds are used to pay for qualified education expenses there is usually nothing to report on your federal income tax return. For example, an activity fee that all students are required to pay to fund all on-campus student organizations and activities. While there are many 529 college savings plans available both in Indiana and nation-wide, only contributions made to this specific CollegeChoice 529 Savings Plans are. In rare circumstances, there may be other instances in which a non-qualified withdrawal is permitted. 529 plan distributions are allocated between the earnings and contribution (basis) portions. Automatically deduct money from your paycheck and deposit it into a CollegeBound 529 account (if your employer offers payroll deduction), or change your existing deduction. Most 529 plans let the account owners decide how they want their withdrawals to be paid out. The system will then navigate you through the process. as Program Manager. The re-contribution must be made within 60 days of receiving the refund to avoid the taxes and penalties associated with a non-qualified withdrawal. Forms that do not link to an online application are currently not available digitally. You should have the following information at hand. You have two options for each form. You can then use the remaining withdrawal of $3,500 as a contribution to your Roth IRA in the next year, plus $3,500 more to bring it up to the $7,000 2024 contribution limit. * Please note that this is the withdrawal process for CollegeAdvantage Direct 529 plan accounts only. 3,4 Most importantly, you can use your 529 funds at most post-secondary schools nationwide. Many parents pay tuition with cash or a credit card, and then reimburse themselves with the student’s 529 plan. The majority of plans offer two options – you can make an ACH deposit to your bank account, or have a check printed and mailed. The IRS views the money as an annual $17,000 (or $34,000 for couples) gift over five years. The 529 plan must be at least 15 years old and rollover funds will still be subject to Roth annual contribution limits, which for 2023 is $6,500. The 60-day rollover rules essentially keep people from taking money out of their retirement accounts tax-free. The updated FAFSA does not require students to manually report cash support. For more information on the different service credit options available to you, visit. ” This will avoid taxes. An individual can put up to $17,000 in there in 2023, up from $16,000 in 2022 ($34,000 for married. Exceptions to 529 withdrawal penalties. A 10% penalty may not sound like much, but combined with taxes, it can significantly cut into your net withdrawal amount. 3: The IRS Knows about Withdrawals. ET. Step 2: Determine when to withdraw the funds. K-12 expenses. Yes, funds can be redeposited into Virginia529 accounts provided these guidelines are followed: the funds you wish to redeposit must have been refunded to you by your beneficiary’s eligible educational institution. Systematic Withdrawal Form (Non-Retirement Accounts) PDF. How to Pay. 5 / 5. After that, follow the prompts to make. This is a qualified withdrawal for higher education expenses; or. 1. For example, Kansas taxpayers receive an annual adjusted gross income deduction of up. 313, Qualified Tuition Programs (QTPs) A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary's qualified higher education expenses at an eligible educational. She asks Greenway Bank to redeposit $900 into her HSA. The U. Contributions to an NC 529 Account and earnings thereon can be used for a. To avoid certain tax consequences and penalties: • The funds you wish to redeposit must have been refunded by the student’s school and redeposited into a 529 account for that same student. During any 17-year period, he calculates, the stock market typically will suffer at least three corrections (considered a drop of 10%) and at least one bear market (a drop of 20%). m. If the beneficiary attends an eligible educational institution at least half-time, you can still use the 529 account to pay for certain room and board expenses. State Tax Deduction — Deduct your contributions from your taxable income. Online. Though the tax-free earnings on withdrawals used for such tuition expenses. This. Was this withdrawal an RMD for 2020 > No. Savings in the program grow tax-deferred and withdrawals for qualified higher education expenses are tax-free. As the account owner, you must keep track. Mandatory withdrawals. Still, in the. Individuals may contribute up to five-times the annual gifting exclusion (currently set at $17,000) in a single year, for a maximum $85,000 (or $170,000 for joint filers) without incurring gift tax, as long as the individual does not make any subsequent contributions. administrator indicating the total withdrawal amount, the portion of the withdrawal attributable to contributions and earnings, and the. The 1099-Q reports the total of all withdrawals you make during the year; however, some of this amount may be. Delete the 1099-R and re-enter it, but this time answer NO to the inherited IRA question. Call with any questions and we’ll be happy to assist (toll-free at 866. H. I was making yearly contributions to my kids Fidelity 529s and for one of their accounts I accidentally withdrew money. Redeposit Request Form. 529 plans are state-run, tax-advantaged accounts that allow you to save for a child’s college education. After gathering proof (such as police reports, account activity reports) that $900 was illegally taken from Piper’s HSA, Greenway Bank’s legal counsel and management agree to use a nonreportable transaction code to deposit the money back into Piper’s HSA. Pay The Taxes But Avoid The Penalty. Introduction. The Biggest 529 Withdrawal Mistake To Avoid. 529 Withdrawal and Deposit in the same year. A 529 plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. If you withdraw money from your 529 plan for a non-qualified purpose, the withdrawal will be subject to tax, including the additional 10% federal tax. • Your contribution must total at least $25, unless you are purchasing a Fifth Third 529 Certificate of Deposit — CDs require a $500. However, 529 plans can only be used for qualified education expenses. ↩. You should take 529 plan distributions during the same calendar year that you pay for the qualified expenses. This process generally takes 3–5 business. Use a 529 to pay for elementary and secondary school tuition. But you will pay a 10% penalty plus income tax on any of the earnings your fund had over the years. With the new form, the amount of a student’s “total income”, which includes untaxed income, will come directly. I was making yearly contributions to my kids Fidelity 529s and for one of their accounts I accidentally withdrew money. 3. We usually use less than the "allowed" (college cost of attendance R&B amount) room and board. You can also use the 529 assets to pay for certain apprenticeship program expenses (books, supplies, equipment, etc. CollegeAmerica and ABLEAmerica are sponsored by Virginia529℠ . It *does* *not* *matter* what tax year that scholarship, grant or 529 withdrawal is *for*. Non-qualified withdrawals may also be subject to an additional 2. Fee Score. if you take a $10,000 distribution from a retirement account and have the 20% withheld for taxes you must redeposit $10,000 within 60 days even though you only received $8,000 in cash. Read Viewpoints on Fidelity. enroll now. California even imposes an additional 2. Once you’ve decided on where to send your 529 funds, the next step is to select the type of payment. The maximum annual Roth IRA contribution limits still apply—while the 2024 numbers aren’t out yet. If that doesn't happen within 60 days, the IRS figures this distribution is a withdrawal. But, your state might tax-advantage 529 contributions. Most Popular Forms All Forms. by GreendaleCC » Thu Nov 16, 2023 1:52 am. No. Contribute online at myfloridaprepaid. Forms labeled as “fillable” can be filled out online. Log on to your account. How to Pay. Use the following steps to figure the taxable part. California even imposes an additional 2. Taking too much money. You can withdraw. Changes to qualified withdrawals from Oregon 529 Col-lege Savings Network accounts. Once you’ve decided on where to send your 529 funds, the next step is to select the type of payment. Ohio’s 529 Plan, CollegeAdvantage, like other 529 accounts, benefits from specific tax advantages, including tax-free withdrawals for qualified higher education expenses. To process a request online: Log on to your account. Make sure to include the account number. My daughters received the refunds and deposited them, and my plan was to do the same- reduce the 529 withdrawal in 2020 by the amount of the refund. States can set their own limit, however. But if you withdraw the 529 plan funds first,. If you take money from a Roth IRA before age 59 1/2 and it’s considered a non-qualified distribution, the IRS can apply a 10% early withdrawal penalty. The school your beneficiary attends is required to send out Form 1098-T to report the tuition and related expenses either paid or billed during the year. 53%. a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. • Non-qualified withdrawals will incur a 10 percent penalty on the earnings portion of that non-qualified withdrawal and should be reported as income by the 1099-Q recipient. The annual gift tax exclusion limit is the amount you can give away without having to file a gift tax return. Under the updated tax code, parents can withdraw up to $10,000 per year to pay for tuition, books, and other eligible expenses at private elementary and high schools. Unlike the Coverdell ESA, qualified expenses for elementary and secondary education (K-12) are limited in Section 529 plans to $10,000. You can still claim certain expenses as itemized deductions on Schedule A (Form 1040), Schedule A (1040-NR), or as an adjustment to income on Form 1040 or 1040-SR. The 60-Day Grace Period for Withdrawals From Retirement Accounts 2. Required minimum distributions (RMDs) can be an important part of your retirement-income plan, but it's important to know that they come with some strict rules about the timing of when distributions are taken and a formula based on your age for the amount you have to take. Taking money out of your 529 plan account won't be difficult. But it can be daunting for a first-time saver (and sleep-deprived parent) to sort through the. Your job's $200 yearly contribution is the real reason to do this. Under 529 plan withdrawal rules, the following are considered. Contributions made to the 529 plan in the last five years before distributions start—including the associated earnings—are ineligible for a tax-free rollover. Contributions to the Fifth Third 529 Savings Account and CD Options require two business days to complete the transaction. You've got money set aside for just this very occasion. Once completed, mail it to the address listed on the form and then have the withdrawal mailed to you or the school. Rewards are automatically deposited as contributions to your Ohio's 529 Plan, CollegeAdvantage, when you reach $50 in rewards. For example, withdrawals for K‑12 expenses may not be exempt from state tax in certain states. Request a Qualified or Non-Qualified Withdrawal from your NC 529 Account. You don’t lose all or even most of your savings. CollegeAmerica® 529 Plans. 529 plans are tax-advantaged savings plan named after Section 529 of the Internal Revenue Code. 529 plans will allow money to be taken out for the exact amount of the scholarship or grant that has been awarded. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view one online. As long as you redeposit the money into the same retirement account or another. Step 3: Decide which 529 plan. Forms and applications. Select Make a Withdrawal from the options on the right. How our 529 works. But if you’re saving for college, you’ll want to know that 529 savings plans offer other tax benefits, such as tax-free earnings growth and tax-free withdrawals for qualified expenses. Roth 401(k)/403(b) Analyzer. Check with your state for specific tax benefits. Make sure to include the account number. Planning LIFE MOMENTS. You may be able to avoid a penalty if your withdrawal is for: First-time home purchase. Tax season is officially underway, and individuals are preparing their financial records to get tax returns ready. Taxable Withdrawals: The earnings portion of this type of withdrawal is subject to federal and state tax but does not include the additional federal 10% tax. Most 529 plans include an administrative or annual fee, which tends to be around 0. OK, so maybe it’s not exactly up there with “wedding” or “birth of a child,” but for those who’ve been contributing to a 529 plan over the years (or decades) to offset the costs of college, this is a big day. Use this process to open a Vanguard® 529 College Savings Plan account. Please note: This website includes an accessibility system. It’s only if you don’t deposit. Please consult your tax advisor for state-specific details. In accordance with this law, the. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 added a provision that allows people to use 529 plans to repay up to $10,000 in. To process a request online: Log on to your account. View All 1GT: Climate Investing Reinvented. For more information, see Publication OR-17. Although the funds generally aren’t available to cover a health insurance premium, most other medical. Basically, you put after-tax money into it, then it grows tax-free, and if spent on legitimate college (or med school) expenses, it comes out of the account tax-free. This is not an official IRS rule, but it is implied by published IRS guidance. A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. Making smart withdrawals from 529 college savings plans can be a lot harder than putting money into them. 1While distributions from 529 plans for elementary or secondary education tuition expenses are federally tax-free, state tax treatment will vary and could include state income taxes assessed, the recapture of previously deducted amounts from state taxes, and/or state-level penalties. Congress passed legislation in December 2015 that made three changes to 529 accounts. 14% to 0. I have put $747/year in the specific account for each year 2017-2020. 529 . 5. The earnings portion of a nonqualified withdrawal is subject to federal income tax and—for Utah residents—Utah state income tax. 529 Deposits Direct 529 Plan Re-contribution. Withdraw Funds Only for Qualified Expenses. S. A 529 can be a huge asset for a family with a college student, but misusing account funds will negate some of its benefits. However, you may not take a basis-only 529 plan withdrawal. -The student writes a check to the school to cover all billed expenses. You can roll over funds beginning January 1, 2024. Invest529, Virginia's direct-sold college savings plan is available to residents of any state, and offers low fees, diverse investment options and tax benefits for residents. The first would allow students who get a refund of higher ed expenses (if they withdraw from college) to redeposit those funds back in a 529 within 60 days without penalty. Keep in mind, however, that a 529 plan beneficiary is only allowed one tax-free rollover in a 12-month period. You can also use your 529 plan to pay for K-12 tuition up to $10,000 per year per beneficiary. As the account. 2 Current 529 Plan Account Information 3 Rollover Instructions If you are rolling funds into a. The key to avoiding costly penalties and additional taxes is to follow the rules of your 529. Savings in the program grow tax-deferred and withdrawals for qualified higher education expenses are tax-free. Fair enough. The federal tax benefits associated with a 529 college savings plan will eventually disappear. . Here are six mistakes you’ll want to avoid: 1. When you’re ready to use your funds, qualified withdrawals are tax-free. Automatic Investment Form PDF. Redemption Request Form (Non. January 2023. 4. For example, suppose your qualified education expenses are $10,000, you receive a $2,000 Pell grant and boxes 1 and 2 of your 1099-Q report a gross distribution of $8,000 and earnings of $1,000. An HSA is a health savings account. Funds must be used within 120 days, and there is a pre-tax lifetime limit of $10,000. A primary focus of CSF is building public awareness of and providing public policy support for 529 plans – an increasingly vital college-savings vehicle. As of 2019, qualified. The full specifics behind the ruling are as follows: In response to the pandemic, the IRS issued a notice giving account owners who received refunds prior to May 15 th until July 15 th to redeposit the funds in a 529 account. Re: 529 Accidental Withdrawl query. 1. Earn an additional $25 in bonus rewards when you link your first Ohio's 529 Plan account to your new Upromise. -Funds from a non-529 source are transferred to the student’s checking account to cover non-qualified expenses. Check to see if your tax return includes Form 8863 and any amount on Schedule 3 line 50. Three flexible, affordable, tax-advantaged programs– Prepaid529, Invest529 and CollegeAmerica®, along with early commitment. Select the appropriate account, click Next. If you had a withdrawal from your Virginia529 account (s) during 2022, a Form 1099-Q was issued for tax purposes. Valid for 2017 personal income tax return only. Invest529, Virginia's direct-sold college savings plan is available to residents of any state, and offers low fees, diverse investment options and tax benefits for residents. A digital copy can be accessed through your online account. For example, Jake is a parent in Florida that has a 529 plan for his child. These moves can save you money and avoid costly penalties. Your adjusted expenses are $8,000—which means you don’t have to report any education program distributions on your tax return. Mistake #2: Relying on Form 1098-T. Established in 1999, MOST helps Missouri families save for college, technical schools, career training and more. You can use funds from a 529 account for a wide range of qualified education-related expenses. In one change, the legislation allows certain amounts withdrawn from a 529 account to be redeposited to a beneficiary’s account without penalty or inclusion as a nonqualified distribution if it has been refunded by the educational institution. Some 529 plans allow account owners to make electronic payments directly to the college. To save a completed form, you need the full version of Adobe Acrobat ®, which must be purchased. You can spend up to $10,000 from a 529 plan on tuition expenses for elementary, middle, or high school. 5% California tax on. . That means you can deposit up to $17,000 into 529 plans for your grandson, granddaughter, and niece, all in the same year. For the 13th consecutive year, my529 has been named one of the country’s premier 529 educational savings plans by Morningstar, a leading industry analyst. That means you can deposit up to $17,000 into 529 plans for your grandson, granddaughter, and niece, all in the same year. It’s only if you don’t deposit. For the 2023 tax year, the gift tax exclusion is $17,000 per recipient. The borrower can’t bypass the $10,000 limit by having two or more 529 plans.