How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Arthur Rubin Your Own Question
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
Type Your Tax Question Here...
Arthur Rubin is online now
A new question is answered every 9 seconds

Can I gift to family member from my IRA account and who pays

This answer was rated:

Can I gift to family member from my IRA account and who pays taxes

Arthur Rubin :

Thank you for using Just Answer.

Arthur Rubin :

A gift from your IRA is considered a withdrawal, and is subject to income tax.

Arthur Rubin :

... and possibly (Federal) gift tax.

Arthur Rubin :

There are rare exceptions, such as a transfer incident to divorce.

Arthur Rubin :

To clarify my answer, you are subject to income tax (including any IRA penalty), unless the "gift" is incident to a divorce; and (Federal) gift tax, if not to your spouse. The recipient has no tax obligation.


Thank You

Arthur Rubin and other Tax Specialists are ready to help you