Transfer IRA to children, Taxable?
Tuesday, May 26th, 2009
tjlim asked:
My father is planning to transfer his IRA to me and my sisters IRA or UGMA/UTMA, equally.
He is not yet in retirement age. (below 65)
Is the transfer taxable?
*As far as I have heard, if he withdraws the IRA below retirement age, he would be taxable and we would be taxed as gifts.
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