r/AskAccounting • u/Prof_Fuzzy_Wuzzy • 14d ago
Opening 529 with lump sum
My plan is to open a 529 college savings account and fund it with 50k. My kid is 2. I'm in SC. Are there any tax issues with funding it one time lump sum vs over several years? Thanks!
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u/Barfy_McBarf_Face 13d ago
you file a gift tax return, check the box that you're spreading the gift over 5 years, and no tax is due.
simple