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Family Value: Paying Grandkids College Bill WSJ.com4/30/11 5:49 PM Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation ready copies for distribution
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Family value paying grandkids refer to monetary gifts or financial support provided to grandchildren by family members to help cover expenses or provide for their future.
Family members who provide monetary gifts or financial support to their grandkids are required to report it on their tax returns if the gifts exceed the annual gift tax exclusion amount set by the IRS.
To fill out family value paying grandkids on your tax return, you must include the total amount of monetary gifts or financial support provided to your grandkids during the tax year.
The purpose of family value paying grandkids is to provide financial assistance to grandchildren and help support their needs or future endeavors.
You must report the total amount of monetary gifts or financial support provided to your grandkids, as well as the names and ages of the grandchildren receiving the gifts.
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