Hi and welcome to our site!Let clarify first...You may gift any amount or any asset value as a gift - there is NO limit.However you may gift only up to $14,000 per year per person WITHOUT ANY GIFT tax consequences.If your gift is above that threshold - you would be required to file a gift tax return.The limit "per person" applies to each donee.You may gift $14k to your some and another $14k to your mother - and that will not trigger any gift tax filing requirements. However if you gift $15k to your son and $12k to your mother - you will be required to file a gift tax return.
So I can give 2 checks less than 14k per year and that should suffice. I thank you again.
I SPOKE TO THE FIDELITY MEMBER AND HE SAID I WILL BE TAXED ON WITHDRAWAL. CAN I TAKE OUT 2 AMOUNTS OF 13,500 EACH YEAR AND NOT BE TAXED AT ALL? ACCORDING TO MY 401K REPR WHO SAID I SHOULD SPEAK TO TAX SPECIALIST. I ONLY HAVE SS RECEIPT EACH MONTH. I AM ALLOWED UNLIMITED WITHDRAWAL WITH MY PLAN. IF I REQUEST 2 CHECKS FOR UNDER 14K WILL I BE TAXED FOR ADDITIONAL INCOME? AM CONFUSED BY AGENT.
AM DIVORCED NO DEPENDENTS $2,143.00 mo SS BENEFITS which is $25,716.00 annually NO OTHER TAXABLE INCOME
I was going to take 2 amounts of $13,500 each. So I will have to place 27,000 as income as well as my social security annual amount and be taxed. How unfair is that. I can never thank you enough.
Thank you. Trying to help a mother and child is not easy. You are a true professional. Thank you.