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A: Anyone can contribute to a 529 plan. A married couple can contribute up to $24,000 a year (or $12,000 per individual), up to a maximum value of $250,000.There is also a provision that allows a lump-sum contribution of $120,000 per married couple or $60,000 per individual. married couple can contribute up to $24,000 a year (or $12,000 per individual), up to a maximum value of $250,000. There is also a provision that allows a lump-sum contribution of $120,000 per married couple or $60,000 per individual.
Tweet. The standard deduction is a fixed amount, based on your filing status, that reduces your taxable income. You can use either the standard deduction or your actual itemized deductions on Form 1040, but not both. The standard deduction for a single person or a married person filing separately is $6,200 (2014).Married couples filing jointly have a standard deduction of exactly twice as much as a single person's, at $12,400. If you file as a head of household, your standard deduction is $9,100.ou can use either the standard deduction or your actual itemized deductions on Form 1040, but not both. The standard deduction for a single person or a married person filing separately is $6,200 (2014).