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Question about gift tax of excessive contribution to 529
My wife and I planned to contribute $140,000 to the 529 account for my daughter. However, we made a mistake that we contributed $18,000 more than planned. We distributed the excessive amount once we noticed the mistake.
My question is: can I just report $0 taxable gift amount, or should I report the $18,000 as excessive gift, in the gift tax return?
My question is: can I just report $0 taxable gift amount, or should I report the $18,000 as excessive gift, in the gift tax return?
May 31, 2019
7:05 PM