Herb Smith" <smithff33[at]aol.com> wrote:
- quote -

Yes it is a taxable gift. The law is quite clear on that,
REGARDLESS of the ability to change beneficiaries.

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

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- quote -

Essentially you do not hit the area where you need to pay
actual gift taxes until you hit about $1 million. You need
to report when you exceed $11K per person per year. If
married, merely have your spouse fund up to $11K more into
whatever. Or make you next gifts 1/1/04 OR pick a different
named beneficiary to the 529 and change the beneficiary a
bit later--yes this quirk is legal. (read the rules
carefully so as not to stumble here.)

Caution, direct gifts to kids in UTMA format or otherwise in
kids name can be rather fatal to college aid!

PS you need not even adopt me to put money into my name for 529.

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"Summer" <YAN60031[at]YAHOO.COM> wrote:

- quote -

If this is the first year, you can put in the next four
years worth, $44k, and be done for five years.

Also your wife can make an additional contribution.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"Summer" <YAN60031[at]YAHOO.COM> wrote:

- quote -

The tax answer is no, and Dick do you come with any small
furry animals as pets?

================================================== ====
Moderator:
Yes! Also I call my parents often and send birthday
and Christmas cards! I'm a good kid <BG=============================================== =======

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

YAN60031[at]YAHOO.COM (Summer) wrote:

- quote -

Although you establish the 529 account, with the child as
beneficiary, there is no "gift" involved. The donor (you) is
still the owner of the account.

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AN60031[at]YAHOO.COM (Summer) wrote:

- quote -

Contributions to a Section 529 plan count towards the annual
maximum limit of $11,000. If you exceed the $11,000, you
have to file a Gift Tax return. You don't necessarily pay
any gift tax. You can elect to use up some of your lifetime
exemption. If you are married, you and your spouse can gift
a total of $22,000 to one child. Finally, 529 plans allow
you to elect to treat contributions as occurring over a
five-year period, thereby allowing one to contribute $55,000
in one year. Naturally, you would not be able to make any
more tax-free gifts to that individual for 5 years.

Alan
http://taxtopics.net

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I gave $11,000 to my kid this year. Can I still put money to 529
college saving plan for the same kid without paying gift tax this
year?

====================================
Moderator: I am up for adoption! <g====================================

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