529 Plan Wiki
September 25th, 2006
Question: How to do election for UGMA/UTMA like plan 529 done on form 709 ?
In an earlier question http://answers.yahoo.com/question/index?qid=20110728042115AAefEk5
I understand that election for 529 can be documented on form 709. If I gift $4000 to my son/daughter on UTMA ( http://en.wikipedia.org/wiki/Uniform_Transfers_To_Minors_Act ) , how and where I will report that so it can be counted against life time $5 Million ( I do not expect to be lucky enough for that amount, but). Also I have joint checking account with my spouse, so if my spouse gives $3000 from the same account to our son/daughter, how that documentation will occur as the source account is joint and as I understand the receiving account will be a single account too.
Answer: gifts of $13000, $26000 married, jointly are not reported by you and not taxable to the recipient
The Music of Video Games [529] Perfect Dark
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