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Fortunately, we have answers. Starting today, every day until April 15, members of the American Vans Boys

With the April 15 tax deadline fast approaching, you probably have questions. Vans Old Skool Girl

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Tax Q Is a gift from an IRA taxable

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Institute of Certified Public Accountants have agreed to answer selected tax questions from USA TODAY readers.Q: I withdrew $13,000 from my traditional IRA in 2013 and gave it as a gift to my adult son. I have received the 1099 R from my broker. I was 69 at the end of 2013. Please advise if this is taxable for me and also for my son, and how much. Will the gift save on taxes for both or either of us?A: Yes, the withdrawal from the IRA is taxable to you because it is a traditional IRA vs. a Roth IRA. Basically all money withdrawn from a regular IRA is taxable unless Vans Tan you roll it over into another IRA within 60 days.If you have ever made any non deductible IRA contributions, then you would not have to pay tax on the full $13,000. Consult a certified public accountant to see how much you will owe taxes on.NEED HELP: Get all the latest tax news and adviceYour age is not a factor since you are over 59. Remember that the year you turn 70 you will be required to make annual distributions from the IRA.The fact that you made a gift to your son does not make the income taxable to him. If that is the only gift you made to him in 2013, then your gift is under the Skechers D'lites Pink And Black

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annual gift exclusion of $14,000.However, it is probably worthy to point out that if the gift is over $14,000 it does not cause him (the recipient) to pay income taxes but it may cause the person making the gift to file a gift tax return.

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