Had a question pop up based on another 529 thread. Wife is the owner of an Illinois 529 account for benefit of one of our kids. She contributed IL max state income tax deduction amount of $20K in 2024. We file MFJ and was wondering if we need to file gift tax for 2024? I could add myself to 529 account so we are joint owners and then does that 20K dip below the couple gift exemption of 36K?
Statistics: Posted by life_force_prana — Wed Sep 11, 2024 3:54 pm — Replies 1 — Views 41