Grandparent 529

blossom
Fri, 14 Aug 2015 13:35:42 +0000

So wonderful that grandma has both the 529 and the wherewithal to contribute 15K (is that a one shot deal or 60K total?)

Mom2- anyone can give 14K per year to any single recipient without triggering the gift tax filing. So Grandma can give to OP, OP’s spouse, anyone else. The gift tax filing itself is not a big deal- the form will take 10 minutes to fill out and file. The issue is whether or not the Grandma has a large enough estate (when that sad day comes) for it to matter, i.e. will the previous gifts come out of the total she will be passing down tax free.

I’m going to assume that the thrifty and generous Grandma is getting her own tax advice and not relying on an anonymous message board…