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Reply to "One-time lump sum into VA 529—tax question"
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[quote=Anonymous]So,etching to remember about the gift tax is that the $14k limit just triggers having to report it to the IRS. You can defer paying the taxes on it to see if you hit the lifetime exclusion limit whic is $5.34 million. So if you don't anticipate gifting that much over your lifetime to your son, then you can safely not pay the gift tax now and apply it towards your lifetime exclusion. See http://www.nolo.com/legal-encyclopedia/the-federal-gift-tax.html for a better explanation.[/quote]
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