I'm assuming you are stating "140k" because you are married filing jointly.
You can superfund a 529 account for any beneficiary at any time subject to the lifetime gift tax exemption: Yourself, your friend, your friend's cousin, some random guy you met the other day- the beneficiary is independent of the funding. In fact, there are quite a few guides out there - industry literature for advisors, at least - demonstrating how a grandparent could superfund many accounts for all their grandchildren and remove a million or more from their taxable estate in a single year gift-tax free by taking advantage of superfunding for multiple accounts.
You'll need to file Form 709 for the tax years in which you're superfunding. Also, take care not to make any additional gifts to that beneficiary during the year, or it will be subject to gift tax penalties. Otherwise, so long as you have all the requisite information - tax ID, etc. - for the beneficiary(ies) in question, you can superfund away!
Brian Boswell VP, Research & Development
This information does not constitute tax advice and is provided for informational purposes only. Please consult your tax advisor, financial advisor, local taxing authority, and/or plan provider or sponsor for more information.