Grandparent contrib to my sons 529 in late Dec 2023. I counted this contrib from others on my 2023 taxes. But 529 (edvest) posted it for 1/2/24 on statement. is this ok?

Forum|Forum|1 year ago
January 29, 2025
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DavidD66

Since you did not make the contribution to the 529, you should not claim it on your tax return. The deduction belongs to the grandparents. If the grandparents want to give you money for your child's education, you can then donate some or all of that money to your child's 529 plan and take a state tax deduction for it, if it qualifies.

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brennychristineAuthor

Thanks. Yep i understand I don’t get the deduction but I’m talking about the line “amount contributed to the account by others for 2024”. Sorry for not being clear:)

DavidD66

If you or the grandparents have documentation showing that the contribution was made in 2023 you should be fine. Moreover, it is unlikely that the date of the contribution will ever be scrutinized.

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