Reply to 529 - what is max amount I can put in as a lump sum upon opening account?

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[quote=Anonymous]If you are doing the va529 invest and you have a spouse you can do it all current year and not have to worry about gift tax, and you can deduct it all for va income tax on your current year return.

The gift tax issue exclusion is 14k per year per donor/donee. So if you contribute 10k for each kid and your spouse contributes 10k for each kid you work around the gift tax issue.
 
VA Invest accounts are treated as unique accounts with a 4k deduction for every account owner/beneficiary/investment choice combination. So if you do:

You/DC1/investment1: 4k
You/DC1/investment2: 4k
You/DC1/investment3: 2k
You/DC2/investment1: 4k
You/DC2/investment2: 4k
You/DC2/investment3: 2k
Spouse/DC1/investment1: 4k
Spouse/DC1/investment2: 4k
Spouse/DC1/investment3: 2k
Spouse/DC2/investment1: 4k
Spouse/DC2/investment2: 4k
Spouse/DC2/investment3: 2k

You can contribute 20k per kid and deduct them all on that years return. This is ONLY for the invest plan, not the prepaid or the brokered plans.[/quote]

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