529 advice

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spy587
Posts: 22
Joined: Tue Mar 19, 2019 9:54 pm

529 advice

Post by spy587 »

We just had our first child and looking for advice on funding her 529 plan. Especially thinking about the right amount to fund up front vs. annual contributions. We're in a position to fund up to ~$80K now if it made sense. We're in GA so 529 contributions are deductible up to $8K per year for joint filing.

1) If we superfund 40K, are the prorated 8K gifts per year deductible for state taxes or is that just for federal gift exemption? It looks like GA has now carry forward deductions but it's unclear to me if the superfunding gets around this or not.

2) Has anyone run the math on lump sum contributions for longer tax free gains vs. the annual state tax exemption? Seems to me there's a "right answer" here but didn't see any real #'s on internet searches.
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