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I inherited a traditional IRA. Can I take the gifting of the of these inherited monies to my grandsons as a deduction on my tax return?
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I inherited a traditional IRA. Can I take the gifting of the of these inherited monies to my grandsons as a deduction on my tax return?
No, there is no tax deduction for gifts.
You can't give someone an IRA as a gift and have it remain an IRA. You would have to take the money out of the IRA, which means you would have to pay tax on it.
If you give any one person more than $15,000 (in 2019), you will have to file a gift tax return. You wouldn't have to pay any gift tax unless your total lifetime gifts to everyone are more than $11.4 million, but you have to file the return, and it reduces your lifetime gift and estate tax exclusion. You cannot file a gift tax return with TurboTax.
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I inherited a traditional IRA. Can I take the gifting of the of these inherited monies to my grandsons as a deduction on my tax return?
No, there is no tax deduction for gifts.
You can't give someone an IRA as a gift and have it remain an IRA. You would have to take the money out of the IRA, which means you would have to pay tax on it.
If you give any one person more than $15,000 (in 2019), you will have to file a gift tax return. You wouldn't have to pay any gift tax unless your total lifetime gifts to everyone are more than $11.4 million, but you have to file the return, and it reduces your lifetime gift and estate tax exclusion. You cannot file a gift tax return with TurboTax.
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