In 2017,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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This statement is true. The maximum annual exclusion allowed for gift tax purposes for a married couple who elect to split gifts is $28,000 in 2017. They can make a one-time contribution of up to 5 years' worth of annual exclusion amount to a § 529 qualified tuition plan without incurring a gift tax. Therefore, the maximum they can contribute jointly is $140,000 ($28,000 × 5 years).

In 2017,grandparents Contribute Jointly Owned Funds to a § 529