Gift tax treatment of contributions

Official source

For purposes of chapters 12 and 13—

(A) In general

(A)In general#

Any contribution to a qualified tuition program on behalf of any designated beneficiary—

(i) shall be treated as a completed gift to such beneficiary which is not a future interest in property, and

(ii) shall not be treated as a qualified transfer under section 2503(e).

(A)(i)#

shall be treated as a completed gift to such beneficiary which is not a future interest in property, and

(A)(ii)#

shall not be treated as a qualified transfer under section 2503(e).

(B)Treatment of excess contributions#

If the aggregate amount of contributions described in subparagraph (A) during the calendar year by a donor exceeds the limitation for such year under section 2503(b), such aggregate amount shall, at the election of the donor, be taken into account for purposes of such section ratably over the 5-year period beginning with such calendar year.

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Gift tax treatment of contributions

Official source

For purposes of chapters 12 and 13—

(A) In general

(A)In general#

Any contribution to a qualified tuition program on behalf of any designated beneficiary—

(i) shall be treated as a completed gift to such beneficiary which is not a future interest in property, and

(ii) shall not be treated as a qualified transfer under section 2503(e).

(A)(i)#

shall be treated as a completed gift to such beneficiary which is not a future interest in property, and

(A)(ii)#

shall not be treated as a qualified transfer under section 2503(e).

(B)Treatment of excess contributions#

If the aggregate amount of contributions described in subparagraph (A) during the calendar year by a donor exceeds the limitation for such year under section 2503(b), such aggregate amount shall, at the election of the donor, be taken into account for purposes of such section ratably over the 5-year period beginning with such calendar year.