Illinois 529 Contribution Limit 2024. 529 plans for each state have their own contribution limits. — contributions made to a 529 plan can be deducted from state taxable income up to a certain yearly limit.
In 2024, the annual 529 plan contribution limit rises to $18,000 per contributor. — in 2024, individuals can gift up to $18,000 in a single 529 plan without those funds counting against the lifetime gift tax exemption amount.