The plan is open to any individual (including a custodian under a State's Uniform Gifts or Transfers to Minors Act) who has a valid Social Security number. Your contributions to the plan are generally removed from your federal taxable estate, reducing its taxable value. u may make contributions of up to $60,000 per beneficiary in a single year without triggering a federal gift tax. Married couples may contribute $120,000 per beneficiary in a single year. You make after-tax contributions to the account, but you don't pay taxes as the account grows. And as long as withdrawals are used to pay for qualified higher education expenses such as tuition, books, supplies, fees, and certain room and board, your investment earnings are received free of federal income tax. Shares in your account may be redeemed to pay the beneficiary's tuition and fees and the cost of books, supplies and equipment required for enrollment or attendance at an institution of higher education. Subject to certain limits, room and board expenses of a student enrolled on at least a half-time basis may also be paid. The beneficiary may attend any school qualified to participate in federal student aid programs administered by the U.S. Department of Education.