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L
lexielou10
June 4, 2019
Question

I gifted out of my IRA but I don't know where to show the gifts.

  • June 4, 2019
  • 1 reply
  • 0 views
The gift was to my son and to his fiancé`

    1 reply

    O
    Opus 17
    Employee
    June 4, 2019

    Gifts are not tax-deductible. Any money you withdraw from your IRA will be shown on your 1099–R form and you are responsible for any income taxes.

    If you make gifts of more than $14,000 per person per year, you are required to file a gift tax return. No tax is owed, but you must report the gifts. TurboTax does not prepare the gift tax return. You can download the form and instructions from the IRS website.

    S
    SweetieJean
    Employee
    June 4, 2019
    You may also owe a 10% penalty if you took an early distribution.
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