Alok wrote:

- quote -

One account is fine. To stick strictly to the rules, send
the check from a joint account or 12K from each of your
accounts to the one 529. If you truly wish to maximize the
deposit, it's $120K. You are permitted to gift ahead 5
years, and treat a $60K per person gift as if it were gifted
over the 5 years. This pertains only to 529 accounts.

JOE

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am married (filing jointly), living in California. I do
not have a 529 account for my child yet.

Each parent can give 12K/calendar_year to a child.

I would like to maximize contributions to 529 for this year.
To maximize contributions to 529 this year, do I need to
open two 529 accounts (one under my name and another under
my wife's name) or can I open one account and each parent
contribute 12K to the same 529 account (ie 24k/year)?

If I can open one 529 account, do I need to do something to
keep the records?

Thanks in advance

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >