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Re: Gift Tax for 529 Contribution if Self-Beneficiary Accoun

My understanding is that basically you would only be able to accumulate $65k before changing the beneficiary to a child if you want to avoid any gift taxes (because you're allowed to amortize the gift over 5y - so effectively $13k/yr). If you have more than one kid you could split a balance >$65k in...
by smith1947
Thu Jan 19, 2012 1:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Gift Tax for 529 Contribution if Self-Beneficiary Account?
Replies: 7
Views: 521

Re: Gift Tax for 529 Contribution if Self-Beneficiary Accoun

Thanks for the replies, I appreciate the responses. I was thinking the same thing, just couldn't find it confirmed anywhere. I was particularly confused by the text of IRC 529(c)(2)(A) (http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000529----000-.html) which states, " Any contrib...
by smith1947
Thu Jan 19, 2012 12:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Gift Tax for 529 Contribution if Self-Beneficiary Account?
Replies: 7
Views: 521

Gift Tax for 529 Contribution if Self-Beneficiary Account?

Hi, I have been looking in vain for some information related to my situation, and haven't been able to find anything directly applicable, so I'm hoping someone out there can point me in the right direction. I'm a 24 y/o looking to set up a 529 to save for my own graduate school education. Without ge...
by smith1947
Wed Jan 18, 2012 6:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Gift Tax for 529 Contribution if Self-Beneficiary Account?
Replies: 7
Views: 521

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