Taxpayers can also avoid paying gift taxes on 529 plan contributions with five-year gift tax averaging, also called superfunding.
This strategy allows taxpayers to make a lump sum contribution to a 529 plan of up to five times the annual gift tax exclusion, if the contribution is treated as if it were spread over a five year period. That means you can contribute up to $80,000 to a 529 plan ($160,000 if married giving jointly) in a single year and not owe any gift taxes.
Reference: https://www.savingforcollege.com/article/dont-worry-too-much-about-the-annual-gift-tax-limit#:~:text....
I think that when and if you change the beneficiary from yourself to your child, gift tax rules may then apply, but could not find a quick reference for that.
