Do I need to report anything for 529 Contributions

[frostily0495]

We are MFJ and we made 529 34k contribution for our kid. 2 parents each 17k gift tax exclusion limit.

We did not made any withdrawals from this account neither did we receive any tax form from our 529 advisor.

Do we need to report anything for 529 in 2023 in federal or California state tax return?

[KrisD15 · Accepted solution]

No, some states have a credit for making contributions, but California is not one of them.  

[hellosam]

But I contribute 5 years limits in 2024, do I need to report it? what i someone contribute more over the limit, is there a way to report the contribution?

[AmyC]

1. Your state may allow a deduction. 

2. Since you have done the 5 year limit, you could end up passing the gift limits if you contributed more. States are usually pretty limited in the deduction allowed. You will need to check with your state.

529 Contribution Limits 2025: Maximums by State, Gift Tax  states: The 5-Year Gift Tax Election For example, in 2025 you can treat a lump sum contribution of $95,000 as if it were $19,000 per year for five years, provided you make no other gifts to the same beneficiary during this period.