As defined in classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. As used in modern logic, an axiom is simply a premise or starting point for reasoning.
To set your mind at ease, first determine if youâve given any one child more than the limit for a calendar year. You can give a child up to $14,000 in a year before you have to file a gift tax return (in 2012, this amount was $13,000). If your child is married, you can also give up to $14,000 each to his or her spouse. If youâre married, you and your spouse can both make gifts, meaning the maximum gift one couple can gift another couple without filing a gift tax is $56,000. This amount is per calendar year, and does not roll over from year to year.
Parents and grandparents can also benefit through tax-free gifting when contributing to a 529 plan. Contributions qualify for the federal $13,000 annual gift exclusion ââ $26,000 if married, filing jointly. Additionally, there are high maximum contribution limits, up to $340,000 in some state plans.here is no better time than now to start investing in a 529 plan for your child or grandchild. With the 2011 tax deadline coming up fast, making a contribution today can put more tax dollars in your hand. Give your loved one a solid foundation for a future college education before the December 31, 2011 tax deadline.