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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 

0 Cheers
5 Replies 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.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
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!

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
abctax55
Level 15

Depends.

Maybe.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
Skylane
Level 8
Level 8

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