how much can parents give children tax free
You can make five years of contributions to a 529 plan at one time without triggering a gift tax. So if you and your spouse have two grandchildren, both of you can gift $14,000 to each child for a total amount in tax-free gifts of $56,000. And remember, these are tax-free gifts above and beyond the $5.43 million exemption limit. 2. Medical, dental and tuition expenses can be excluded from that cap.