Wife and I contributed total of $63,000 to our son’s Virginia 529 plan in 2024 so we need to file 709. Wasn’t aware that it also had to be done before 15th April. So from what I understand, I can superfund the 529 plan, and not have the excess amount count towards the lifetime estate limit.
My wife contributed $32,000 from our joint bank account to a 529 account she owns (beneficiary is our son), and I contributed $31,000 from our joint bank account to a 529 account I own (beneficiary is our son). Question:
- Do we file separate Form 709 claiming $13,000 in my form and $14,000 in her form?
- What is the answer to line 19 question “Did you and your spouse make gifts to third parties?” If it’s “Yes”, then do we consent to gift splitting and send both our forms in the same envelope?
- Is there a penalty for filing Form 709 late even if we don’t have to pay any gift taxes?
- Can we superfund the 529 again in 2025… …having done it in 2024? If yes, then, I can contribute to $25,000 and she can contribute to $24,000 without incurring any gift taxes, correct?
Thanks!
