I understand that in the State of Il there is a max. amount of $10,000 you can use for a contribution. I have a client that has contributed $15,000 for one grandson and $15,000 for the other grandson. My question is that since there are 2 different accounts how can you deduct $10,000 for each
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I dont believe there are any annual contribution limits to IL 529's. There are deduction limits which is $10k per individual and $20K married. Annual gifting rules apply.
The max you can deduct on schedule M is $10000 ($20000 MFJ) you enter each account # and amount on line 13 worksheet, then the total on line on 13a. Then on page 2 line 13 you enter max of $10000 ($20000 MFJ)
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