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Taxable Interest

LEH2014
Level 1

Hi

I am planning to withdraw 15k from my mutual fund account (all interest earned monies) to give as a gift to my grandson. Will I be taxed on this withdrawal? Can my wife also contribute 15k to our other granchild in the same year? 

thanks 

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5 Comments 5
IRonMaN
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

 

Sorry, that's pretty lame but that's the most polite way to tell you that you landed in the wrong county --------- maybe even the wrong state.


Slava Ukraini!
abctax55
Level 15

Depends.

Maybe.

"Tax software is no substitute for a professional tax preparer"
LEH2014
Level 1

I do apologize. I thought it was a support site, I will go to the turbo tax site.

thanks

IRonMaN
Level 15

No problem - good luck!


Slava Ukraini!
Skylane
Level 11
Level 11

I wish more of my clients would ask that question..... and he was pleasant..... so... Don’t take the distribution from a qualified account!

If at first you don’t succeed…..find a workaround