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2008 Gift Tax Reporting Contributions to a College Savings Plan of Nebraska account(s) are generally considered a gift from the donor to the beneficiary of the account. Gifts of up to $12,000 ($24,000 for husband and wife) may be excludible using the annual gift tax exclusion. Gifts in excess of $12,000 to any one beneficiary may be subject to gift tax and may require the filing of an IRS Form 709 Gift Tax Return.
If you made a gift using the 5-year front loading provision allowable under Internal Revenue Code Section 529, an IRS Form 709 Gift Tax return is required. It is important to review any gifting and filing requirements with your tax professional. The filing deadline is generally April 15, 2009. Helpful Links:
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