Limit raised for balance in my529 accounts

my529 is raising the maximum aggregate account balance contribution limit for a single beneficiary to $525,000.

my529 will accept contributions to all accounts owned for a beneficiary until the limit is reached. A contribution that causes the aggregate balance to surpass $525,000 will be returned to the contributor, however the aggregate balance can continue to grow through market appreciation.

The new limit takes effect on November 1. The current maximum balance is $510,000.

The maximum aggregate account balance reflects the estimated maximum expenses of an undergraduate and graduate degree, including room and board. The aggregate balance includes all my529 accounts for the same beneficiary.

Section 529 of the Internal Revenue Code requires my529 to set a cap on contributions to an account or accounts established for a beneficiary.