College Expenses Under A 529 Tax
Tax-free withdraws for those qualified college expenses under a 529 tax will be considered as gifts for federal tax purposes. This works for annual contributions if they are no greater or equal to 12,000 for individuals, and 24,000 dollars for married couples provided they make joint contributions. You might also make a lump sum payment totaling five years of contributions which total 60,000 dollars for individuals or 120,000 dollars for married couples.