smith1947 wrote: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 getting into issues like why I think a 529 is right for me and my chosen asset allocation, I have a fairly straightforward question:
If I fund a 529 in 2012 with more than $13,000, and I am both the account owner and the beneficiary, does this count as a gift (thus potentially subject to a gift tax)?
I know there's no actual tax liability here because I can claim the 529-style exception and gift up to $65,000 in a single year and account for it over a five-year period, so really I'm just wondering if I need to file a IRS Form 709.
Thanks, I appreciate the help!
nlof wrote:Bump. Same question as OP, just wanted to ascertain that everyone agrees with the responses in the thread...
Is it correct to assume that there is NO gift tax implication to large 529 contributions made to self as both owner and beneficiary? The OP quoted text from IRC 529(c)(2)(A) raised same doubt in my mind despite the fact that I laughed it off initially.
(2) Gift tax treatment of contributions
For purposes of chapters 12 and 13—
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