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Reply to "One-time lump sum into VA 529—tax question"
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[quote=Anonymous]Son has a 529 plan in Virginia. Bought in VA so I could deduct $4K each year from taxes since we are residents. After selling a house this year, I’d like to pour money into his 529. I know the most I can do is $70K to avoid gift tax ($14K max/year split over five years). But I’m a little confused on these specifics: If I buy $70K in one transaction, that means I can’t contribute anything else for the next five years, correct? But can I still deduct $4K on my VA taxes for 2014-2018? A little more background—my son is 2 and I’m maxed on retirement, 6 month savings, etc so I thought this would be a good place to park some money. Feel free to comment on this plan of action-I know you DCUM-ers are not shy about opinions and I can appreciate all points of view! Thank you![/quote]
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