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Taxable Interest

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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 Replies 5
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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.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 1

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

thanks

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Level 15

No problem - good luck!

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15

Depends.

Maybe.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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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!