State of IL 529 account deductions

For each contribution to a 529 account (Bright Start in IL) IL's Schedule M asks whether the contribution is a gift or not.  What are the consequences of answering yes or no?

In our situation my wife and I set up 529s for the first time for two of our grandchildren and then contributed the maximum amounts.  This sounds like a gift to me.  But what are the consequences if any of checking the gift box?