Legal Question in Tax Law in Georgia

I have an IRA account in my name only and I am 57 years old. I would like to give my husband some of the money to purchase a home which would be his first home. Do I still have to be penalized 10% for use of the money because my age is under 59 1/2?

Asked on 2/13/15, 8:56 am

1 Answer from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

It would be very unwise (and potentially very costly) to do this without discussing it with your CPA, who can review the accounts, and other details. Since you posted this question to lawyers on this forum, we can probably add a list of reason why it may be a very bad idea even if you can avoid the penalty. At 57, unless you are very well off otherwise (in which case you would not be taking out retirement money) there are very, very few good reasons to take exempt money and turn it into unexempt property. Think about this long and hard before you do it and consider other ways to accomplish the goal.

Read more
Answered on 2/13/15, 9:02 am

Related Questions & Answers

More Tax and Taxation Law questions and answers in Georgia