<p>If you contributed $50K in 2009 to one 529 account (is that right?) it’s as if you contributed $10K/year for 5 years. Your combined exclusion is $26K/year, so together you and your spouse can contribute a total of $16K/year for years 2-5. This will total $114K, which of course is less than the $130K you might have otherwise contributed.</p>
<p>However, if you’re not concerned about maxing out your 1mm lifetime limit, you can contribute more than this every year without incurring taxes, but you’ll have to track it and report it.</p>
<p>Are you qualified to contribute to a Coverdell? The contribution limits are pretty low, unfortunately.</p>