Hi guys,
this may not be the smartest question but wanted to make sure.
My spouse and I have a 8 month old baby, we file taxes jointly, and have separate bank accounts. on 1/2017 I contributed $28,000 from my bank account. I've read that each parent can contribute $14,000 each per year. My question is should I have instead only contributed $14,000 from my checking account, and my wife contribute $14,000 from her checking account? Or does it not matter since we file taxes jointly? Also, we plan on making a single banking account together but we just haven't gotten around to it yet. Thanks guys
On the IRS.gov website it states
"
Q. Are there contribution limits?
A. Yes. Contributions can not exceed the amount necessary to provide for the qualified education expenses of the beneficiary. If you contribute to a 529 plan, however, be aware that there may be gift tax consequences if your contributions, plus any other gifts, to a particular beneficiary exceed $14,000 during the year. For information on a special rule that applies to contributions to 529 plans, see the instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return."
For those curious below this is my 529 plan. Feel free to comment
Vanguard S&P 500 Intitutional index 20%
DFA US large Value fund 25%
DFA US small value Fund 25%
DFA International Value fund 20%
Vanguard Emerging Markets Index 10%
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