In 2008,grandparents contribute jointly owned funds to a § 529 qualified tuition plan on behalf of their granddaughter.The maximum annual exclusion allowed to them is $60,000 ($12,000 * 5 years).

Question

Quizplus · Accepted Answer

Since the funds are jointly owned,two donors are involved.Consequently,the maximum annual exclusion becomes $120,000 [$12,000 (annual exclusion)* 2 (number of donors)* 5 (number of years allowed)].

In 2008,grandparents Contribute Jointly Owned Funds to a § 529