topic Tax Filing for 529 Plan Contributions as Joint Filers in Get your taxes done using TurboTax

Tax Filing for 529 Plan Contributions as Joint Filers

asi81 — Mon, 06 Jan 2025 19:12:59 GMT

It looks like, for 2024, each parent can contribute up to $18,000 per child to a 529 plan without triggering the gift tax. If we jointly contribute $35,000 to each child’s 529 plan (staying under the combined $36,000 limit), do we need to do anything specific when filing our 2024 taxes to ensure it’s clear that half the contribution is from one parent and the other half is from the other parent? The funds will come from a trust account where both parents are co-trustees, and we file taxes jointly.

Thanks

Re: Tax Filing for 529 Plan Contributions as Joint Filers

Bsch4477 — Mon, 06 Jan 2025 19:30:03 GMT

Nothing additional is required since your combined contribution is below the maximum amount to require gift tax reporting.

Re: Tax Filing for 529 Plan Contributions as Joint Filers

asi81 — Tue, 07 Jan 2025 16:25:58 GMT

Thank you for the clarification; I appreciate your help!