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Could you clarify a bit?
Who is listed as the owner and who is listed as the beneficiary on the 529 account?
Sure-- I am the account owner and the account beneficiary.
Yes, you can make the 5-year election and don't pay gift taxes. The transfer considers as a gift, and as Married Filing Jointly you can exclude $150,000 from the gift tax under the Form 709 election.
Thank you so much! It's great to have this confirmed
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