529 contribution from joint bank account

[user17676283632]

Married filing jointly. We want to contribute $38k to my child's 529 account in 2026 (all contributions from our joint savings account). Does a contribution of $38,000 to a child's 529 from a spousal joint checking account violate the gift tax exclusion limits (e.g., $19,000 for 2026). Otherwise, we can contribute via two separate transactions. I am not sure if we really need to contribute from two separate bank accounts with each parent listed as owner. thanks

 

[Bsch4477]

You each have your own account. 529 plans have only one owner. Each of you contributes $19,000 to your own account. Doesn’t matter what the source of the funds is. No gift tax issue. 

[user17676283632]

@Bsch4477 Thanks for your reply.

What if we just want to keep one 529 account? 

[Bsch4477]

You can jointly contribute $38,000 without gift tax consequences. 

[user17676283632]

Okay. But does a contribution of $38k to a child's 529 from a parent's joint bank account violate the gift tax exclusion limits? I am not sure how IRS would consider that transaction as overall one contribution or how do I let IRS know that this was also my wife funding her part.

[Bsch4477 · Accepted solution]

You can jointly give that amount without reporting it.