In 2015,grandparents contribute jointly owned funds to a § 529 qualified tuition plan on behalf of their granddaughter.The maximum annual exclusion allowed to them is $140,000 ($28,000 × 5 years).

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The statement is true. The maximum annual exclusion for gift tax purposes in 2015 was $14,000 per recipient, but Section 529 qualified tuition plans have a special rule that allows individuals to contribute up to five years' worth of exclusion amounts (i.e., $70,000 per individual, or $140,000 for joint contributors) in a single year without triggering gift tax consequences.

In 2015,grandparents Contribute Jointly Owned Funds to a § 529