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How is my contribution to an ESA treated for gift tax purposes?

April 26, 2017contribution ESA purposes treated

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How is my contribution to an ESA treated for gift tax purposes?

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Your contribution is treated as a gift from you to the beneficiary. It qualifies for the annual $13,000 gift tax exclusion. Be sure to keep this in mind if you also contribute to a 529 plan for the same child. You will need to add these contributions together in determining your gift tax filings.