turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

michael4
Returning Member

Do i need to do anything for gift tax for sons 529 for 2024 taxes?

Hello,

I am married, and my wife and I file our taxes jointly every year. This year, we contributed $20,000 to my son's 529 plan. After doing so, I read about the gift tax. I understand that the gift tax limit in 2024 is $18,000. If you are married, you can combine the limits and have a total of $36,000.

My question is: Do I need to do anything special on my tax return since we contributed more than $18,000? My wife and I share a joint bank account from which the money was withdrawn.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Hal_Al
Level 15

Do i need to do anything for gift tax for sons 529 for 2024 taxes?

Q. Do I need to do anything special on my tax return since we contributed more than $18,000?

A. No.

 

Nothing about a gift is reported on your regular income tax return (form 1040).  There is a special form for gift tax reporting, but you are under the $36K, so you do not need to file form 709.   Furthermore there is something called super funding for 529 plans that allows you to contribute up to 5 years worth of contributions, in one year, and still not have to file a gift tax return. 

 

Super funding https://www.savingforcollege.com/article/10-rules-for-superfunding-a-529-plan

 

"Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...  

 

**Say "Thanks" by clicking the thumb icon in a post

**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do i need to do anything for gift tax for sons 529 for 2024 taxes?

From a joint account the gift is considered to be made 1/2 from each of you so you don't need to do anything.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question