Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT & Suze Anything: Revisiting Can I Give My Child Money and Get a Tax Deduction?
Apr 10, 2025
Explore the intricacies of family finances and the emotional weight of gifting money, especially regarding tax implications. Discover the benefits of transferring retirement funds to IRAs for better diversification. Learn about the importance of trusts, including an incapacity clause to manage bills. Uncover the impact of short-term capital gains on Roth IRA contributions and gain insights on affordable dental care options. Ultimately, the discussion promotes values prioritizing people and thoughtful financial planning.
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Gifting and Tax Deductions
- Gifting money is not tax deductible.
- Consider gifting to help family if you are financially secure.
Roth IRA Conversion
- Remember RMDs before Roth conversions.
- Consult a CPA for personalized Roth conversion advice.
401(k) and 403(b) Rollovers
- Roll over 401(k)s and 403(b)s to IRAs for diversification.
- IRAs offer wider investment choices like ETFs, stocks, and bonds.