Failure to Make Check-Off on Gift Tax Return Bars 5 Year Ratable Treatment for contribution to 529 Accounts

Contributions made to an education Section 529 plan are taxable gifts. However, such a gift will qualify for exclusion as an annual exclusion gift to the extent of the available exclusion for the donee in the year of the gift.

If the amount contributed exceeds the available annual exclusion, Code §529(c)(2) allows that gift to be spread . . .

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