Question: Is there an income limit on who can open a 529 account?

Answer :

No. There is no income limit that controls who is eligible to open an account in either a college savings plan or a prepaid tuition plan. In addition, contributions may be made to a 529 account regardless of your income. By contrast, to contribute to a Coverdell education savings account, your income must be below a certain limit, depending on your filing status. Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer's official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.