I withdrew $11,000 from my IRA and transferred this amount to my daughter as a gift. I am 66 years old so no penalty I believe. Can any of this amount get tax relief?

[u2pete]

I withdrew $11,000 from my regular IRA and transferred this amount to my daughter as a gift. I am 66 years old so no penalty I believe. Can any of this amount get tax relief?

[Coleen3 · Accepted solution]

Any amount you withdraw from a Traditional IRA is income. Box 2 of your 1099-R will indicate the taxable amount. There are ways of eliminating the penalty but unfortunately, not the tax.

[Bsch4477]

There is no deduction for a gift.