For those unfamiliar with the IRS gift limit, it's the amount that any one person can give to a non-spouse in any one year, without incurring a gift tax. For practical purposes, a married couple can each give the full IRS gift limit, for a total of $26,000, to a recipient without violating gift tax rules.
The IRS gift limit effectively restricts the amount of money that can be placed in a college account for a child by any one person in any single year. However, Section 529 plans do allow an acceleration of five years' worth of gifts (totaling $65,000) as long as certain conditions are met.
To learn more, take a look at this extended write-up on the IRS gift limit.
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