multiple 529 plans with self and child as a beneficiary

[accent_atul]

I am planning to create two New Jersey 529 plans one with self as a beneficiary, and other one has child as a beneficiary.  In future I may change self beneficiary to the same child. 

As the contribution limit is per beneficiary, is the following contribution limits correct ?

As a individual 

   Contribution Limit (gift tax exemption): 16K to self beneficiary account + 16K to child beneficiary account.

Married

   Contribution Limit (gift tax exemption) : 32K to self beneficiary account + 32K to child beneficiary account.

Or if self beneficiary account isn't exempted ? 

Thanks

[MinhT1]

The gift tax exclusion is $15,000 (2022: $16,000) per donee.

So you are correct that up the limits you mentioned, there is no need for gift tax returns.

However, when you contribute to a 529 plan with yourself as beneficiary, this is not a gift and the limits do not apply.

Also, please note that New Jersey taxpayers with gross income of $200,000 or less can qualify for a state income tax deduction of up to $10,000 per taxpayer for contributions to the plan. That's a deduction of up to $20,000 for a married couple filing a joint tax return.

[Hal_Al]

Taxpayers can also avoid paying gift taxes on 529 plan contributions with five-year gift tax averaging, also called superfunding.

This strategy allows taxpayers to make a lump sum contribution to a 529 plan of up to five times the annual gift tax exclusion, if the contribution is treated as if it were spread over a five year period. That means you can contribute up to $80,000 to a 529 plan ($160,000 if married giving jointly) in a single year and not owe any gift taxes. 

Reference: https://www.savingforcollege.com/article/dont-worry-too-much-about-the-annual-gift-tax-limit#:~:text....

I think that when and if you change the beneficiary from yourself to your child, gift tax rules may then apply, but could not find a quick reference for that. 

[accent_atul]

That’s a alternative. As per my understanding,  it doesn’t let you make partial contribution. Once it is opted, it will retrain you for making any contribution for next 5 years. 
So if one put 50k and opt in, they will loose option to make 6k contribution or (20k if married) per year for the next 5 years. 

yes, changing self to child may incur gift tax, so may not be good option.