Ok- so I just started making contributions to my child's 529 and was able to get to ~40K this year alone. My question is if I contribute up to 95K this year and claim the 5 year gift tax exclusion, can I make contributions in 2026 -2030? and if I dont max up to 95K and claim the exemption, what are the downsides?
Note I am married and file taxes jointly - I am the only one making contributions as my spouse does not work.
