phnixwxz
New Member

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?