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m0moneym0pr0blems OP t1_jad3fdm wrote

Reply to comment by Werewolfdad in Who should be the beneficiary for a 529? by m0moneym0pr0blems

>Ostensibly

Just the fear of doing something incorrectly and causing me additional tax nightmares.

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Werewolfdad t1_jad3il3 wrote

Yeah, not a thing. Make the beneficiary whomever the funds are for

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[deleted] t1_jad4wbd wrote

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Werewolfdad t1_jad5848 wrote

If OP is going to be giving away $12,700,000 in his lifetime, he shouldn't be getting financial advice from reddit

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[deleted] t1_jad5jzh wrote

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Werewolfdad t1_jad5s3r wrote

I don't know what you think you're talking about but given how little people understand about gifts and taxes, that's not surprising.

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[deleted] t1_jad6qrk wrote

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Werewolfdad t1_jad6w1t wrote

Yeah? And that won't matter unless OP gives away $12,700,000 (in which case, see above)

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[deleted] t1_jadd2s1 wrote

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FourFingeredBertans t1_jadmtx3 wrote

That's how much you can gift annually without filing a gift tax exlusion form. Then there's an ADDITIONAL $12.9M (starting 2023) that you can gift and have excluded from taxes (hence - gift tax exclusion) over your entire life.

When you filed that form with the IRS, you were filing a form saying "I gave beyond my annual limit, but this additional amount should not be taxed because I have gifted less than $12.9M in my lifetime"

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Fish-Weekly t1_jad8mf7 wrote

You can put in $17,000 per year or $85,000 and “superfund” it over 5 years without needing to file a gift tax form. Even if you exceed these amounts, it’s just filing a form; there is no tax impact until you hit the $12.9 million lifetime limit.

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