I found the below on the MNSaves web site.
"There’s another tax advantage unique to the 529 plan. There’s no federal gift tax on contributions up to $15,000 per year for single filers and $30,000 for married filers. There’s even an option to gift amounts up to $75,000 for single filers and up to $150,000 for married filers if pro-rated over 5 years. This means you could make a one-time gift equivalent to the 5 year amount and it could all qualify for the federal gift tax exclusion. Consult your tax advisor."
I have a son starting college in the fall. And, a high school sophomore that starts two years later. I inherited some money and want to invest the $150k now (to get the tax benefits) to pay the college expenses over the next 6 years for my two sons.
Just looking for validation that I can wire the $150k now and all will be good with next year's taxes.
My accountant is not helpful on this topic.