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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?
‎January 20, 2024
7:59 AM