Can I deduct the 14K I took from my retirement account as a gift to my adult child for purchases of a home?

-mrtv- · ‎June 4, 2019

My spouse and I each gifted our adult child 14K from separate retirement accounts. Is this deductible?

xmasbaby0 · ‎June 4, 2019

No you cannot deduct a gift you gave to any individual. Gifts given to individuals are not deductible, nor are they taxable to the recipient. You will need to enter the 1099R for the withdrawal from your retirement account. Go to Federal>Wages & Income>Retirement Plans and Social Security>IRA. 401k and Pension Plan Withdrawals

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 4, 2019

No you cannot deduct a gift you gave to any individual. Gifts given to individuals are not deductible, nor are they taxable to the recipient. You will need to enter the 1099R for the withdrawal from your retirement account. Go to Federal>Wages & Income>Retirement Plans and Social Security>IRA. 401k and Pension Plan Withdrawals

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Can I deduct the 14K I took from my retirement account as a gift to my adult child for purchases of a home?