topic 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? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-inherited-a-traditional-ira-can-i-take-the-gifting-of-the-of-these-inherited-monies-to-my/01/320797#M27910 Mon, 03 Jun 2019 19:11:08 GMT Dudley33 2019-06-03T19:11:08Z 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? https://ttlc.intuit.com/community/retirement/discussion/i-inherited-a-traditional-ira-can-i-take-the-gifting-of-the-of-these-inherited-monies-to-my/01/320797#M27910 Mon, 03 Jun 2019 19:11:08 GMT https://ttlc.intuit.com/community/retirement/discussion/i-inherited-a-traditional-ira-can-i-take-the-gifting-of-the-of-these-inherited-monies-to-my/01/320797#M27910 Dudley33 2019-06-03T19:11:08Z No, there is no tax deduction for gifts. You can't give s... https://ttlc.intuit.com/community/retirement/discussion/no-there-is-no-tax-deduction-for-gifts-you-can-t-give-s/01/320804#M27912 <P>No, there is no tax deduction for gifts.</P><P>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.<BR /></P><P>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.<BR /></P> Mon, 03 Jun 2019 19:11:09 GMT https://ttlc.intuit.com/community/retirement/discussion/no-there-is-no-tax-deduction-for-gifts-you-can-t-give-s/01/320804#M27912 rjs 2019-06-03T19:11:09Z