Gifting the kids (paying, deposit, spouse, children)

[caco54]

I am 63, semi retired and in good financial shape. My wife and I have been gifting our four kids (34, 32, 30 and 28) $5,000 each year since they have been working into their ROTH IRA. I have had a good year and want to "share the wealth" with the kids. I know we are limited to I believe $14,000 per year from a gifting standpoint. Keeping the $5,000 ROTH gift in mind can my wife and I gift each child $10,000 for a total $25,000 one year gift and stay "below the tax radar"?

[CaptainNJ]

Originally Posted by caco54

I am 63, semi retired and in good financial shape. My wife and I have been gifting our four kids (34, 32, 30 and 28) $5,000 each year since they have been working into their ROTH IRA. I have had a good year and want to "share the wealth" with the kids. I know we are limited to I believe $14,000 per year from a gifting standpoint. Keeping the $5,000 ROTH gift in mind can my wife and I gift each child $10,000 for a total $25,000 one year gift and stay "below the tax radar"?

you can do $14k per parent. so $28k per kid.

[Jim1921]

You and your spouse can each gift up to $14k, for a total of $28k per child per year. Here is an article that provides further information.

https://www.usatoday.com/story/money...irs/103222252/

[Crashj007]

You actually deposited the money into a Roth IRA in their name? Interesting. I don't think you can add more than that each year, but each year, you can gift up to $14,000, each of you to each of them and their spouses and let the kids figure out what to do with it.
"It must be nice?"

[caco54]

Thanks "guys", just as I suspected. Does the tax "scrunity" get to the level of who signed the checks?

[17thAndK]

Yes, it does. Be meticulous.

[Jim1921]

Originally Posted by caco54

Thanks "guys", just as I suspected. Does the tax "scrunity" get to the level of who signed the checks?

I don't know, but I don't take the risk. I track what I give the kids versus what my wife gives.

[StealthRabbit]

$14,000 / gift recipient PER taxpayer ($14,000 EACH 'gifter' = $28k each recipient)

On a different note; / objective;
Much of our Charitable gifting goes into a Family Donor Advised Fund (Vanguard in our case), of which the heirs will direct the future gifting.

[westcoastforme]

Originally Posted by 17thAndK

Yes, it does. Be meticulous.

Stupid controlling government

[Blkhwkdwn]

Originally Posted by caco54

I am 63, semi retired and in good financial shape. My wife and I have been gifting our four kids (34, 32, 30 and 28) $5,000 each year since they have been working into their ROTH IRA. I have had a good year and want to "share the wealth" with the kids. I know we are limited to I believe $14,000 per year from a gifting standpoint. Keeping the $5,000 ROTH gift in mind can my wife and I gift each child $10,000 for a total $25,000 one year gift and stay "below the tax radar"?

I am pretty sure you cannot just gift money into a Roth IRA (legally). Each child has to earn the money and deposit it themselves.

That aside, you and your wife could each give each of your children 14,000 each for a combined 28,000 each year and not have to deal with your lifetime limit.