Hello! If I would open a 529 account and make myself the beneficiary and decide to transfer to my child at a later date, what type of tax consequence would there be? Would the gift tax rule apply up to $14000?
529 contributions are considered a completed gift in the year of the contribution and to the designee at that time. Changing the owner or beneficiary does not trigger gift tax rules in later years.
Thank you,
Brian BoswellVP, Research & Development