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Reply to "529 - what is max amount I can put in as a lump sum upon opening account? "
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[quote=Anonymous][quote=Anonymous]Yes you can count $14,000 of each pair of 20k towards this year's gift tax and the rest toward next year's. [/quote] No that's not how it works at all. If you want to put in more than the gift tax limit, you have to file a gift tax return, and the amount you put in gets spread over 5 years (and if you put in more in any of the next 4 years you may need to file another gift tax return). If you have a spouse, you could either make joint gifts or split gifts, which would bring you under the gift tax limit as well. (If spreading the amount over 5 years still leaves over the gift tax limit then it would come off your lifetime estate tax exemption.) There is a rollforward for the VA state tax deduction-- each year you can only deduct $4000, so if you put in more than that this year, you can deduct the excess next year, and whatever's still left the year after, etc.[/quote]
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