Superfunding 529 entering in Proseries

[ptax255]

Hi,

I checked Yes to elect to consent to split all gifts made by either TP or SP And Yes for Section 529... election to treat certain tuition payments as paid over 5 years.

I then entered the gifts in section 529 plan worksheet (one for each child) and I am getting an error line 7g Value must be entered, but it doesn't seem to be a typable field. Are there instructions how to enter these in proseries? 

Also, it shows $80K in Year 1 and $0 in Year 2-5. Shouldn't it be $16K each?

[ptax255]

Hi, hoping to get a quick answer for this case. Each parent superfunded a 529 for each child (2 of them). I know the gift tax return is filed for each parent, but do I report the full amount contributed this year or just 1/5th and file a tax return for 5 years? Thanks!

[sjrcpa]

Both. There is a place to indicate you are electing to treat the gift as if made over 5 years.

[ptax255]

Hi, do you know where?

I checked Yes to elect to consent to split all gifts made by either TP or SP

And Yes for Section 529... election to treat certain tuition payments as paid over 5 years.

I then entered the gifts in section 529 plan worksheet (one for each child) and I am getting an error line 7g must be entered, but it doesn't seem to be a typable field.

Are there instructions how to enter these in proseries?

Thank you!

[ptax255]

Also, the program is showing $80K in year 1 and $0 for Year 2-5. Shouldn't it be $16K each?

[ptax255]

Posting this under a Proseries Discussion. Thanks!