Puff, the Magic Dragon - Parodies. 1  In the mid 1970s an American Jewish band named Ruach created a parody version of the song entitled Puff the Kosher Dragon.
Pay tuition directly to the college. If you are considering making an outright cash gift, another option is to bypass your grandchild and pay the college directly. Under federal law, tuition payments made directly to a college aren't considered taxable gifts, no matter how large the payment.
If any part of the total scholarships/grants received is taxable (exceeding tuition, fees, and related expenses), it is to be treated as earned income by the recipient. The grantor is not required to withhold taxes, or issue a Form 1099 for U.S. Citizens or permanent residents. Vassar College will issue IRS Form 1098T to these students, showing qualified tuition and fee charges for the tax year and scholarships administered or processed by the college.