shelbydog25
This year (2006) I will be required to file gift tax form 709 for a QTP (qualified tuition program), fancy name for college tuition pre-payment/529. The payment was for 2 of my teenage kids ( a few years away from college). As the donor, I elected to ratably the lump sume payment over 5 years (and "splitting" the gift with my wife), thus keeping the annual exclusion under $ 12k... What I'm confused about is how many years will I need to continue to file the 709 for this 2006 lump sum?
I spoke to the IRS, they say I will need to file for 5 years, yet their web site example indicates if I don't contribute any more (as it's paid in full) to the 529, I don't have to file anymore 709's for the remaining 4 years... anyone know the right answer?
thanks in advance.
I spoke to the IRS, they say I will need to file for 5 years, yet their web site example indicates if I don't contribute any more (as it's paid in full) to the 529, I don't have to file anymore 709's for the remaining 4 years... anyone know the right answer?
thanks in advance.