In an article published by The Wall Street Journal on July 6, 2015, Hirschler Fleischer tax practice chair Jamie Canup explains whether a grandparent can pay for a grandchild’s college tuition and still be able to give a $14,000 gift to cover other expenses. “Anyone can pay college tuition directly to the institution and still be able to make a gift of $14,000 to their grandchild…without affecting their annual gift-tax exclusion for that individual,” said Canup. That $14,000 is the maximum a grandparent generally can give to each grandchild in one year without incurring a federal gift tax. You may read the full article here.
Kristen M. Chatterton