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Werewolfdad t1_jad5s3r wrote

Reply to comment by [deleted] in Who should be the beneficiary for a 529? by m0moneym0pr0blems

I don't know what you think you're talking about but given how little people understand about gifts and taxes, that's not surprising.

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[deleted] t1_jad6qrk wrote

[deleted]

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Werewolfdad t1_jad6w1t wrote

Yeah? And that won't matter unless OP gives away $12,700,000 (in which case, see above)

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[deleted] t1_jadd2s1 wrote

[deleted]

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FourFingeredBertans t1_jadmtx3 wrote

That's how much you can gift annually without filing a gift tax exlusion form. Then there's an ADDITIONAL $12.9M (starting 2023) that you can gift and have excluded from taxes (hence - gift tax exclusion) over your entire life.

When you filed that form with the IRS, you were filing a form saying "I gave beyond my annual limit, but this additional amount should not be taxed because I have gifted less than $12.9M in my lifetime"

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