We have a 529 account for our child that is managed in my Fidelity account. We want to frontload some contributions now and let it grow over the years until the kid is hopefully ready for college but from what I understand we can each contribute up to $17,000 annually without incurring a gift tax penalty.
I have already contributed my part for 2024 from my Fidelity brokerage account by simply transferring the $17,000 to the 529 account.
How would she do it and maintain that the other $17,000 came from her?
I noticed that the 529 account has its own account and routing number and my wife has a checking account in BofA. Is it simply a matter of initiating an ACH/EFT transfer from her BofA checking account directly to the 529 account?
What documents should we retain for tax purposes?