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?

[PaulaM · Accepted solution]

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