What is the name of your state? Arkansas.
My mother (69 years old) has money in a traditional IRA which she wants to gift to myself, wife, and two kids..... $12,000 to each. My understanding is that I would not have to pay any income tax on that $12K, but would she be levied a penalty for withdrawing from her IRA before 70.5, if it's in the name of "gifting?"
Thanks
What is the name of your state?
My mother (69 years old) has money in a traditional IRA which she wants to gift to myself, wife, and two kids..... $12,000 to each. My understanding is that I would not have to pay any income tax on that $12K, but would she be levied a penalty for withdrawing from her IRA before 70.5, if it's in the name of "gifting?"
Thanks
What is the name of your state?