@dubina666 wrote:
VG, what about this?
https://finance.zacks.com/much-transfer-stocks-kids-11611.html
"The most inexpensive way to transfer stocks is to grant them to your child as a gift. There are limits to this, however. You can give each child up to $15,000 a year without being tax."
The "tax" that the article is referring to is the "gift tax" on gifts over $15,000 per year that is reported on a separate 709 form. That has NOTHING to do with ordinary income tax on an IRA distribution. If the value of the stock transferred to each child is more than $15,000 then you must also file a form 709 (Gift tax return ) that TurboTax does not support. There is no actual tax to pay but your lifetime $11.4 million exemption is reduced by that amount.
Two different taxes for different reasons, totally unrelated to each other.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
