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    #1

    Ira Distribution

    Elderly Client Was Advised By Her Financial Consultant That She Could Take $12,000 From Her Ira, Gift It To Her Grandchild's Ira, And Not Have It Considered As A Taxable Distribution. I Think Not As The Grandchild Is Not A Qualified Charity. Perhaps They Confused The $12k As Falling Under The Uniform Gifts To Minor Act.
    Am I Correct ? Thanks,
    Tags: None
    #2
    Agree, client has a serious bone to pick with her "finiancial consultant".
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

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      #3
      IRA "Gift"

      Other than the Charity, I cannot think of a circumstance where the IRA distribution would be non taxable.

      Advise your client to always check with you before making any tax related financial moves.

      Otherwise you end up with the work of straightening out the mess that can happen and often you do not get compensated for the effort.

      Also the client blames you for the tax due.

      Weird but true.

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