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Re: 529 Plan - how best to fund w/o gift tax issues

I found the following on turbotax's forum... hence my confusion about filing 709 if we just use one account to fund $26,000. Can you please help clarify? http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html "Example 1 In 2012, you give your son $1...
by hsingh
Sat Apr 06, 2013 9:43 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 Plan - how best to fund w/o gift tax issues
Replies: 8
Views: 595

Re: 529 Plan - how best to fund w/o gift tax issues

The source (bank account) does not matter, e.g., what you give matters not where you gave from. IRS just expects you and spouse not exceed the gift limits of $26,000 for a married couple giving to one person in a tax year. Beyond those limits or when "gift splitting", IRS requires a gift ...
by hsingh
Fri Apr 05, 2013 9:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Plan - how best to fund w/o gift tax issues
Replies: 8
Views: 595

529 Plan - how best to fund w/o gift tax issues

My wife and I file our taxes jointly and last year opened a 529 plan for our daughter. I have a few questions regarding how best to continue funding it with out any tax issues: - Should we each contribute $13,000 each year from our "individual" bank accounts so that there is a paper trail ...
by hsingh
Fri Apr 05, 2013 8:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Plan - how best to fund w/o gift tax issues
Replies: 8
Views: 595

Re: NY 529 Plan - Contribution Limit Exceeded!

Split the gift with your wife for this year. That's $13,500 each. File your 709 (quiz: can you file only one or do you each have to file?). This seems to be the practical option... thanks for your advise. However, please let me know if we have to file one or two 709 forms considering we'll be filin...
by hsingh
Thu Dec 27, 2012 6:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan - Contribution Limit Exceeded!
Replies: 11
Views: 1522

Re: NY 529 Plan - Contribution Limit Exceeded!

livesoft wrote:call up the custodian. Tell them you overcontributed. Ask them what to do. Report back on this thread if they were helpful or not.


Already tried that. Plan wasn't helpful in suggesting alternatives... simply to check with tax adviser.
by hsingh
Thu Dec 27, 2012 5:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan - Contribution Limit Exceeded!
Replies: 11
Views: 1522

Re: NY 529 Plan - Contribution Limit Exceeded!

Thanks for the reply. However, I am still looking for advise on how best to report the $1,000 excess.
by hsingh
Thu Dec 27, 2012 5:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan - Contribution Limit Exceeded!
Replies: 11
Views: 1522

NY 529 Plan - Contribution Limit Exceeded!

I opened a 529 in NY for my daughter in 2012 and funded it with $27,000 from my checking account spread over several months to dollar cost average, basically going $1,000 in excess of the joint gift-tax exempt amount. Ideally, and in hindsight, I would have liked to stay at $26,000 and claimed it as...
by hsingh
Thu Dec 27, 2012 2:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan - Contribution Limit Exceeded!
Replies: 11
Views: 1522

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