Legal Question in Wills and Trusts in Ohio

Ira's ~ Gifts to Children~ Taxes

I want to give a gift to my child and the money is in an ira.

How do you do this and what is the tax consiquence for me.


Asked on 6/18/07, 7:24 am

1 Answer from Attorneys
Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

Re: Ira's ~ Gifts to Children~ Taxes

If this is a traditional IRA and you are not yet receiving payouts from it, you will pay a penalty and taxes on any withdrawals. If you are eligible to receive payouts, you will just pay taxes on the withdrawal amounts. You can gift the payouts to your child. I suggest consulting the financial institution that manages your IRA.

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Answered on 6/18/07, 12:36 pm


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