I am married (filing jointly), living in California. I do not have a 529 account for my child yet. Each parent can give 12K/calendar_year to a child.
I would like to maximize contributions to 529 for this year. To maximize contributions to 529 this year, do I need to open two 529 accounts (one under my name and another under my wife's name) or can I open one account and each parent contribute 12K to the same 529 account (ie 24k/year)? If I can open one 529 account, do I need to do something to keep the records? Thanks in advance
>
>
>
>
>
>
>
>
>