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