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Is there anyway to take m oney from our SEP and give it to

Resolved Question:

Is there anyway to take m oney from our SEP and give it to our adult child as a gift for a purchase of his first home without having to pay taxes on it or in other words count it as income? My husband and I are both over 60, our son is 23.

Submitted: 12 months ago.
Category: Finance
Expert:  Eric replied 12 months ago.


Eric :

I appreciate the opportunity to help!

Eric :

When purchasing a first home, the SEP IRA owner may borrow funds that are used as part of the acquisition cost of the home. The funds can only be used for acquisition, not repair or good faith monies. The withdrawal must occur within 120 days and cannot exceed $10,000 in distributions over the lifetime of the SEP IRA. In addition, the monies withdrawn can be used for the house of the SEP owner or his spouse, the child or grandchild of the SEP owner or the grandchild of the SEP owner's spouse. There are limitations as to what you can take out and going above that would incur penalties and taxes. It would be best to go directly to the SEP account holder/borker and find out the exact parameters of withdrawl.

Eric, Financial Manager
Category: Finance
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Customer: replied 12 months ago.

We may ask you another question tomorrow. Thanks so far!

Expert:  Eric replied 12 months ago.

Let me know if there is anything else I can help you with. Take care...

Eric, Financial Manager
Category: Finance
Positive Feedback: 98.7 %
Satisfied Customers: 557
Experience: Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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Expert:  Eric replied 12 months ago.

Hi Deinse
I'm just following up with you to see how everything is going. Did my answer help?


Let me know,
Eric

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Customer: replied 12 months ago.

Yes, thanks! I am just reading it. Will ask for clarification on one of your points. THANKS!

Expert:  Eric replied 12 months ago.

Let me know if you need anything

Eric, Financial Manager
Category: Finance
Positive Feedback: 98.7 %
Satisfied Customers: 557
Experience: Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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