✉news BusinessPersonal Finance first seen 8 h ago, last 39 min ago, peak #8
Retirees to Pay $34,000 in Unneeded Taxes Helping Son Buy a Home
Original: Retired Couple Will Pull $120,000 From an IRA for Their Son's Down Payment and Hand the IRS $34,000 They Won't Have To
A retired couple plans to withdraw $120,000 from an IRA to fund their son's down payment, a move that would push them into a higher tax bracket and cost roughly $34,000 in federal taxes that could largely be avoided. Commenters point to alternatives such as spreading withdrawals across years, using a mortgage gift provision, or other tax-smart options.
Why now: The story highlights a costly, avoidable tax mistake at a time when many parents are helping adult children afford homes.
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- Retired Couple Will Pull $120,000 From an IRA for Their Son's Down Payment and Hand the IRS $34,000 They Won't Have To · 24/7 Wall St.
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