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.
