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merrycase
New Member

May I give my son a gift from my IRA and Be able to exclude federal taxes on it ???

This did not answer my question, I wonder about gift under $10000 from my IRA to my son and not having to pay a federal tax on it.??????

MY IRA not other funds!

1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

May I give my son a gift from my IRA and Be able to exclude federal taxes on it ???

You are not able to exclude your IRA distribution from federal tax if given as a gift to your son; regardless of the amount. 

Only qualified charitable distribution (QCD) is excluded from your federal taxable income: you must be over the age of 70 and 1/2 and the gift must be given to an organization that qualifies as charitable organization; gifts to individuals do not qualify, unfortunately. 

One good note: Gifts are not reported as income by the recipient, so your son doesn't have to pay income tax on it.

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1 Reply
MargaretL
Expert Alumni

May I give my son a gift from my IRA and Be able to exclude federal taxes on it ???

You are not able to exclude your IRA distribution from federal tax if given as a gift to your son; regardless of the amount. 

Only qualified charitable distribution (QCD) is excluded from your federal taxable income: you must be over the age of 70 and 1/2 and the gift must be given to an organization that qualifies as charitable organization; gifts to individuals do not qualify, unfortunately. 

One good note: Gifts are not reported as income by the recipient, so your son doesn't have to pay income tax on it.

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