Here's the simple question:
I am fully retired, I wish to gift some funds from my traditional IRA to children.
Scenario: withdrawn $10K from IRA, give to child. Do I pay tax on that W/D?
What if I wish to give each child $10K, total $30K WD, do I pay taxes on the full WD, or would I do separate WD?
Normally, if you W/D from your retirement account, you would get a 1099 or 95 showing the distribution, thus having to report on tax returns.
Would I have to show then the W/D as it's a gift on return?
Do I have to report the 1099 or 95 reporting?
I've looked at various bits of information, but some of the explanations are not real clear. So looking for simple answer to this particular scenario.
Thanks.
