Illinois 529 Contribution Limit 2024. The illinois 529 college savings plans allow families to save for the future cost of college while taking advantage of great federal and state tax benefits, great investment lineups, and low fees. Prepaid tuition program plan, a 529 savings plan, and a coverdell education savings account in the same taxable year for the same beneficiary.

The aggregate maximum account balance limit for accounts for a beneficiary in the program and in other illinois section 529 programs is $500,000. What is a 529 savings plan?.