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Posted by joetaxpayer on February 27, 2007, 10:30 pm
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Alok wrote:
> I am married (filing jointly), living in California. I do
> not have a 529 account for my child yet.
>
> Each parent can give 12K/calendar_year to a child.
>
> I would like to maximize contributions to 529 for this year.
> To maximize contributions to 529 this year, do I need to
> open two 529 accounts (one under my name and another under
> my wife's name) or can I open one account and each parent
> contribute 12K to the same 529 account (ie 24k/year)?
>
> If I can open one 529 account, do I need to do something to
> keep the records?
One account is fine. To stick strictly to the rules, send
the check from a joint account or 12K from each of your
accounts to the one 529. If you truly wish to maximize the
deposit, it's $120K. You are permitted to gift ahead 5
years, and treat a $60K per person gift as if it were gifted
over the 5 years. This pertains only to 529 accounts.
JOE
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