My wife and I sold a house in 2022 and had enough gains that we were able to quasi-superfund our two young kids’ 529 plans. We had to file a 709 last year to spread the payment over 5 years. $160k (or $40k for each adult/kid pair). Worked out to be $8000 per year toward the gift limit spread out over five years.
We put another $8000 in total in their accounts in 2023. When doing the 709 for this year, should we spread the $8,000 over five years or include it all as a 2023 gift? (Either way, we are under the gift limit threshold, just want to be as accurate as I can for reporting purposes.)
Thanks!
We put another $8000 in total in their accounts in 2023. When doing the 709 for this year, should we spread the $8,000 over five years or include it all as a 2023 gift? (Either way, we are under the gift limit threshold, just want to be as accurate as I can for reporting purposes.)
Thanks!
Statistics: Posted by Brainia99 — Thu Jan 25, 2024 7:51 pm — Replies 4 — Views 163