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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am years old, I have withdrawn $35,000 from my 401K and

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I am 69 years old, I have withdrawn $35,000 from my 401K and my wife and I are
giving $20,000 to our daughter for a down payment on a house/condominium,
her settlement is Oct. 31, 2013.

I understand that we can give her up to $14,000 each without additional income
tax due. We will each give her a check for $10k and a seperate "Gift Letter".

Are there any other requirements?

Thank you,

Rodger Anderson
Strasburg, PA

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

I think it's great that you are helping your daughter with her down payment!

Megan C :

There are no additional requirements. The gift letter is not required for tax purposes, but would be for the lender who is closing on the loan.

Megan C :

There will be no gift tax return to file, as the amount is under the annual $14,000 per person limit. So, you and your wife could have given your daughter each $14,000 and not had to file a gift tax return.

Megan C :

Is there anything else that I can assist you with today?

Megan C :

If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Megan C and 2 other Tax Specialists are ready to help you
Thank you for your positive rating! It was a pleasure to work with you today. If you would, please come back and visit me any time you have a tax, finance, or social security question.

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