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Here's what I know.

- contributions to a 529 plan are gifts to the beneficiary
- however, the contributor can undo the gift at any time (and pay tax and penalty on the income)
- There's a special 5-year plan that lets you give $60,000 now and deem the gift to be made in installments over the next 5 years

Am I right?

Here's what I don't know.
- If you contribute to a 529 plan that you are the beneficiary on, is it a taxable gift?
- If you change the beneficiary of a 529 plan from Kid A to Kid B, is it a taxable gift?
- If you change the beneficiary of a 529 plan from yourself to Kid, is it a taxable gift?
- Are any of the above taxable gifts eligible for the 5-year treatment?
- Can two people both use the 5-year treatment on contributions to the same 529 plan, or do the two plans have to be separate?
- If you make a taxable gift to a 529 plan, and then undo the gift later, do you get a refund of the gift tax or an increase in your gift tax credit?
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