✉news BusinessPersonal Finance first seen 18 h ago, last 8 h ago, peak #8
Retirees to pay $34,000 in avoidable taxes helping son buy 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 is planning to withdraw $120,000 from their IRA to help their son with a down payment on a home, a move that would hand the IRS roughly $34,000 in taxes that financial commentators say they don't have to pay. The story highlights how retirement-account withdrawals are taxed as income and how families often overlook alternatives like smaller, staged withdrawals or other funding options when helping adult children buy property.
Why now: The avoidable tax hit and the emotional pull of helping family with housing costs strike a chord as home prices strain younger buyers.
Evidence
- 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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