Accidentally overfunded 529

[tailwind225]

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?

[Peds]

It's 15K per donor per beneficiary.

[tailwind225]

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?

[G]

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.

[tailwind225]

Great thank you!

[Dusn]

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?

[Peds]

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.