Superfunding 529 entering in Proseries

Forum|Forum|2 years ago
July 30, 2023
1 reply
11 views

Hi,

I checked Yes to elect to consent to split all gifts made by either TP or SP And Yes for Section 529... election to treat certain tuition payments as paid over 5 years.

I then entered the gifts in section 529 plan worksheet (one for each child) and I am getting an error line 7g Value must be entered, but it doesn't seem to be a typable field. Are there instructions how to enter these in proseries?

Also, it shows $80K in Year 1 and $0 in Year 2-5. Shouldn't it be $16K each?

ProSeries Professional

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P

ptax255Author

Level 6

Hi, hoping to get a quick answer for this case. Each parent superfunded a 529 for each child (2 of them). I know the gift tax return is filed for each parent, but do I report the full amount contributed this year or just 1/5th and file a tax return for 5 years? Thanks!

sjrcpa

Level 15

Both. There is a place to indicate you are electing to treat the gift as if made over 5 years.

The more I know the more I don’t know.

P

ptax255Author

Level 6

Hi, do you know where?

I checked Yes to elect to consent to split all gifts made by either TP or SP

And Yes for Section 529... election to treat certain tuition payments as paid over 5 years.

I then entered the gifts in section 529 plan worksheet (one for each child) and I am getting an error line 7g must be entered, but it doesn't seem to be a typable field.

Are there instructions how to enter these in proseries?

Thank you!

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