Early withdrawal of IRA’s will soon be taxed 20% under ObamaCare I heard.
Plus there is a 50% gift tax, I don’t know if that applies to a $15K gift or not though. You might want to check with someone who would know.
I don’t understand why it is any of the government’s business what I do with my after tax money. If I give money to my son, why should he pay tax on it if I already have? Screw the IRS.
For 2009 and 2010 the gift tax exclusion is $13,000. One person can give $13,000 to another gift tax free. A mother and father could give $13,000 each, for a total of $26,000 and so on.
Highest gift tax rate is 45% for amounts exceeding that.