In 2019, grandparents contribute jointly owned funds to a § 529 qualified tuition plan on behalf of their granddaughter. The maximum annual exclusion allowed to them is $150,000 ($30,000 × 5 years).
Answer the following statement true (T) or false (F)
True
Rationale: Since the funds are jointly owned, two donors are involved. Consequently, the maximum annual exclusion becomes $150,000 [$15,000 (annual exclusion) × 2 (number of donors) × 5 (number of years allowed)].
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