Thanks Carl just to get this straight.
1) So anything over $15K gift by a parent (over $30K gift by both parents) to a child's 529 Plan, the parent (or couple) will have to report it to IRS Form 709. Anything less does not trigger the Form 709.
2) For the conversion from Coverdell to 529 plan, the $50K conversion will not count towards the yearly gift tax reporting limit - correct?
Just wanted to make sure, I'm trying to play catch up here, want to max out for the year because I have been saving in Coverdell ($2K annual limit) instead of the 529 plan for my children.
Aloha and thanks.
