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L
LEH2014
Level 2
November 12, 2020

Taxable Interest

  • November 12, 2020
  • 3 replies
  • 8 views

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 

    This topic has been closed for replies.

    3 replies

    IRonMaN
    IRonMaN
    Level 15
    November 12, 2020

    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!
      L
      LEH2014Author
      Level 2
      November 12, 2020

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

      thanks

        IRonMaN
        IRonMaN
        Level 15
        November 12, 2020

        No problem - good luck!

        Slava Ukraini!
          abctax55
          abctax55
          Level 15
          November 12, 2020

          Depends.

          Maybe.

          HumanKind... Be Both
            Skylane
            SkylaneIntuit Community Champion
            Intuit Community Champion
            November 12, 2020

            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
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