turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Extension Filers on Sept 25! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
swhamid
New Member

Gift to Children

I have given close to 9000 dollars to my child as a gift. Will this reduce my taxable income?

posted
‎November 16, 2022 11:00 AM
last updated ‎November 16, 2022 11:00 AM
2
95
Reply
Bookmark Icon
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
R-SchuleCPA
Expert Alumni
Expert Alumni

Gift to Children

Sorry to say but this type of gift will not directly reduce federal income tax. However, if the funds were used for education then an education credit on your individual return might be worth exploring.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎November 16, 2022 11:05 AM
1
90
Reply
Bookmark Icon
swhamid
New Member

Gift to Children

Although this amount was gifted for educational expense, I am not sure if the education expense deduction will be applicable in my case. 

 

What is the the taxable income limit for taking education expense as deduction?

‎November 16, 2022 11:59 AM
0
84
Reply
Bookmark Icon

Still have questions?

Make a post
Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics
Live Full Service: Taxes Done for you! Get matched with a local tax expert who can do your taxes, start-to-finish, the same day. Start for free!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

RomanyUY
Ltaylor1040
Jt1234
djgabrij
rebelgrad1

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started
Manage cookies