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Accidentally overfunded 529

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  • Accidentally overfunded 529

    I was checking our 529 accounts which are on autocontribute and somehow I slightly exceeded the $15k annual limit for 2020. I can't find a way to "uncontribute" on the website. What should I do?

  • #2
    It's 15K per donor per beneficiary.

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    • #3
      Originally posted by Peds View Post
      It's 15K per donor per beneficiary.
      Yes, I accidentally autocontributed a couple hundred dollars over $15k for one child. My spouse does not have a 529 for this child. Is there a way to fix this?

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      • #4
        Originally posted by tailwind225 View Post

        Yes, I accidentally autocontributed a couple hundred dollars over $15k for one child. My spouse does not have a 529 for this child. Is there a way to fix this?
        since you are married, you can contribute 30k/yr.

        if you were not married, you would just fill out a form 709.

        ie you're fine.

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        • #5
          Great thank you!

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          • #6
            Even if the OP had contributed over 30k, could he or she just contribute a little less next year and still not have to worry about reporting it on taxes? I thought you just have to be under the total gift tax limits over a 5 year period I.e. 150k for a married couple?

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            • #7
              Originally posted by Dusn View Post
              Even if the OP had contributed over 30k, could he or she just contribute a little less next year and still not have to worry about reporting it on taxes? I thought you just have to be under the total gift tax limits over a 5 year period I.e. 150k for a married couple?
              You would have to report it.

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