FYI Illinois Bright Start 529 does not permit joint ownership. https://brightstart.com/faqs/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?
Account Owner - Beneficiary - Successor Account Owner
Who can open an account?
An Account may be established by an individual, certain legal entities, a custodian under a State’s UGMA or UTMA statute, or the trustee of a trust. The Account Owner must be at least 18 years of age with a valid Social Security number or a taxpayer identification number. The Account Owner must also have a valid, permanent address in the U.S. (not a P.O. Box). There are no income limitations for the Account Owner to participate in, or benefit from, the Program. There may be only one Account Owner per Account (joint ownership is not allowed).
Statistics: Posted by SchruteB&B — Wed Sep 11, 2024 6:22 pm — Replies 7 — Views 184