Married couple with 2 529s one for each child – But..

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  • #85420 Reply

      Hello to all! Trying to decide if we made a mistake.

      Married couple with 2 529s one for each child.

      1 started in Jan 2016 with 20k and continue to contribute 1600$ per year (automatic 300 monthly) since opened.

      In 2021 we added a lump 20k and in 2022 we added another lump 10k. In 2024 We dropped 60k into this account after reading a bit about super funding and trying to get ahead. Now we’re trying to figure out if we made a mistake tax wise adding that much. We didn’t get a choice to “superfund” although I’m thinking this is just a term at this point for tax purposes not a selection while contributing. What tax implications will this have and what actions do we have to take if any? Everything I read talks about it spreading over 5 years in superfunding but I’m getting confused now with each article I read.

      Not worried about the second as we only lump summed 30k this year which is lower than the combined parent yearly gift tax.

      Curious if anyone has been through this and can help me with how it works and what we may need to do?

      Please tell us we didn’t make a mistake.

      PS: we are just curious about the gifting issue in superfunding it higher than the allowed yearly max for gift in a 529 just curious if anyone has experience doing this and what it meant for filing etc

      #85421 Reply

        Are you only talking about funding the 529s, or am I missing something here?

        Without knowing anything else, looks these 529s are really flush and I wouldn’t put more into them.

        #85422 Reply

          What taxes? You put in after tax money so that’s already done. Then you take it out tax-free to pay for education. Not sure what you’re asking.

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