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

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Can I gift to family member from my IRA account and who pays taxes
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11/20/2013
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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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.

Customer:

Thank You

Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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