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.
1 You can contribute as much as you want, but amounts above $14,000 per year ($28,000 for a married couple filing jointly) will incur federal gift tax. 2  Anyone can open or contribute on behalf of a child.  There is no penalty if account assets aren't used for college.