201097
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

skvm
Level 2

Married filing jointly. Contributed $27K to my child's 529 account in 2017 (all contributions from my checking account). Any Gift Tax consequences / forms to file?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PaulaM
Employee Tax Expert

Married filing jointly. Contributed $27K to my child's 529 account in 2017 (all contributions from my checking account). Any Gift Tax consequences / forms to file?

Gifts over $14,000 to a 529 would be included on a gift tax return. If your $27k contribution came from a joint checking account, then the gift can be considered given by you and your spouse. Each of you can give $14,000 to a 529 and no gift tax return would be required in this case.

Note: Even if a gift tax return would be required, that does not mean that you would owe gift taxes. The amount would just go against your lifetime gift exclusion of $5.49 million each.

Also, see the link below. It discusses a special election to treat the gift as if it was received over a 5-year period. If you go this route you would make the election on the Form 709 gift tax return.

529 gift over 5 year period

https://www.irs.gov/pub/irs-pdf/f709.pdf


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PaulaM
Employee Tax Expert

Married filing jointly. Contributed $27K to my child's 529 account in 2017 (all contributions from my checking account). Any Gift Tax consequences / forms to file?

Gifts over $14,000 to a 529 would be included on a gift tax return. If your $27k contribution came from a joint checking account, then the gift can be considered given by you and your spouse. Each of you can give $14,000 to a 529 and no gift tax return would be required in this case.

Note: Even if a gift tax return would be required, that does not mean that you would owe gift taxes. The amount would just go against your lifetime gift exclusion of $5.49 million each.

Also, see the link below. It discusses a special election to treat the gift as if it was received over a 5-year period. If you go this route you would make the election on the Form 709 gift tax return.

529 gift over 5 year period

https://www.irs.gov/pub/irs-pdf/f709.pdf


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question