Do i have to report money taken from ira and given to my children as a gift on my 1040?
Yes. You will receive two tax forms — an IRS Form 1099R reporting that you took a distribution from your former employer's plan and an IRS Form 5498 reporting that you made a rollover contribution to your IRA. Even if no portion of your rollover is taxable, you must report it on your tax return.
Answered by Quaylen H. -
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