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529 contribution and gift tax question
Had a query pop up based mostly on one other 529 thread. Spouse is the proprietor of an Illinois 529 account for advantage of considered one of our youngsters. She contributed IL max state earnings tax deduction quantity of $20K in 2024. We file MFJ and was questioning if we have to file reward tax for 2024? I may add myself to 529 account so we’re joint house owners after which does that 20K dip under the couple reward exemption of 36K?
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Re: 529 contribution and gift tax question
life_force_prana wrote: ↑Wed Sep 11, 2024 3:54 pm
Had a query pop up based mostly on one other 529 thread. Spouse is the proprietor of an Illinois 529 account for advantage of considered one of our youngsters. She contributed IL max state earnings tax deduction quantity of $20K in 2024. We file MFJ and was questioning if we have to file reward tax for 2024? I may add myself to 529 account so we’re joint house owners after which does that 20K dip under the couple reward exemption of 36K?
Until your spouse made some extent of gifting separate property, you don’t.
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Subject Writer
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Re: 529 contribution and gift tax question
toddthebod wrote: ↑Wed Sep 11, 2024 4:01 pmlife_force_prana wrote: ↑Wed Sep 11, 2024 3:54 pm
Had a query pop up based mostly on one other 529 thread. Spouse is the proprietor of an Illinois 529 account for advantage of considered one of our youngsters. She contributed IL max state earnings tax deduction quantity of $20K in 2024. We file MFJ and was questioning if we have to file reward tax for 2024? I may add myself to 529 account so we’re joint house owners after which does that 20K dip under the couple reward exemption of 36K?Until your spouse made some extent of gifting separate property, you don’t.
Undecided I perceive, what does “made some extent of gifting separate property” imply? All she did was ACH 20K contribution into the account.
Re: 529 contribution and gift tax question
life_force_prana wrote: ↑Wed Sep 11, 2024 4:31 pmtoddthebod wrote: ↑Wed Sep 11, 2024 4:01 pmlife_force_prana wrote: ↑Wed Sep 11, 2024 3:54 pm
Had a query pop up based mostly on one other 529 thread. Spouse is the proprietor of an Illinois 529 account for advantage of considered one of our youngsters. She contributed IL max state earnings tax deduction quantity of $20K in 2024. We file MFJ and was questioning if we have to file reward tax for 2024? I may add myself to 529 account so we’re joint house owners after which does that 20K dip under the couple reward exemption of 36K?Until your spouse made some extent of gifting separate property, you don’t.
Undecided I perceive, what does “made some extent of gifting separate property” imply? All she did was ACH 20K contribution into the account.
Did the ACH come from joint account? That’s all it wants as proof for IRS. A joint account supply is joint contribution.
There are a number of who consider even when individuals maintain separate, so long as couple do joint funds planning, nothing is required.
When doubtful, http://www.bogleheads.org/discussion board/viewtopic.php?f=1&t=79939
