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.
For details on current state tax policies, see Saving for College's comparison chart of 529 plans. The money you put in a 529 account is considered a gift and, as such, qualifies for the annual $13,000 gift tax exclusion.That is, you can contribute up to $13,000 annually without incurring any gift tax.ou can use the money in a 529 plan at any accredited college or university in the country â public or private, graduate or undergraduate. And it can be used for tuition, fees, room and board, books, supplies, and equipment.