My wife and I have 2 kids. We are planning to contribute 50K into their 529 plan this year without using lifetime gift tax exemption. I know there is a 5 year lump sum option; but I want to first look for a way that we can contribute without using that 5-year lump sum option either.
Right now only my wife has a 529 account and listed one kid as the beneficiary. I am pretty sure we need to add the other kid as the beneficiary too since the gift tax is per donee.
Also we'd like to "split" the gift on Form 709. My questions are:
1. Is my assumption correct -- by doing this we can contribute maximal $17K * 4 to the 529 account in 2023?
2. Can we do it even if we file 1040 jointly?
3. Do we need separate 529 accounts (or, change that 529 account to a joint account) to "split" the gift, or we can simply use my wife's?
