Another non-tax question, but this group knows all.
A gift check was sent to a young person. Parents want to deposit into the child's 529 account. Is this an easy thing to do, or a complex thing to do? Can the check just be endorsed over to the 529 account?
There is a consideration here. In a typical scenario, the intended beneficiary is not the account owner. The funds don't belong to the beneficiary till used to pay tuition. Until withdrawn, the beneficiary may be changed. To the extent there are tax benefits (if available under the state's income tax code), they belong to the contributor (likely the account holder).
The money belongs to the child. To be put into the 529 plan, the funds have to be re-gifted to the account holder to be contributed. As the beneficiary may be changed, the child may have lost the money.
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