Hello,
I am married, and my wife and I file our taxes jointly every year. This year, we contributed $20,000 to my son's 529 plan. After doing so, I read about the gift tax. I understand that the gift tax limit in 2024 is $18,000. If you are married, you can combine the limits and have a total of $36,000.
My question is: Do I need to do anything special on my tax return since we contributed more than $18,000? My wife and I share a joint bank account from which the money was withdrawn.
