At Isler CPA, we believe in proactive communication and keeping our clients informed about tax strategies that can impact their financial goals. Gift taxes and 529 college savings plans are areas where we frequently see confusion–even among financial professionals. A recent correction by certified financial planner Liz Weston highlights an important filing requirement when “superfunding” a 529 plan: while you can contribute up to five years’ worth of gifts at once (that’s $90,000 in 2024) without owing taxes or reducing their lifetime gift and estate tax exemption amounts, you must still file annual gift tax returns. This is the kind of technical detail that matters for proper estate planning.

Click here to read the full article.