2006-12-27 11:42:05 · 3 answers · asked by scott n 2 in Business & Finance ➔ Personal Finance
No, with the following execptions...
When you die Your kids will inherit them if they're the beneficiarys.. If you really wanted to transfer the money to them you would have to sell the investments, take a withdrawal, include the amount you withdrew as income and pay tax on it. If you're under 591/2 you will also pay a 10% penalty ontop of the tax.. There are some exceptions to this penalty,You can check this by going to http://www.irs.gov/taxtopics/tc557.html
2006-12-27 13:46:23 · answer #1 · answered by Jager 3 · 0⤊ 0⤋
The rules for IRA's depend on which type- roth, traditional, etc. The IRS has a complete booklet that describes the rules for each type of account, including transfers. The link is attached.
2006-12-27 20:31:59 · answer #2 · answered by oakhill 6 · 0⤊ 0⤋
Dude, unless you are 100% set for life, don't sacrafice your retirement money for theirs....it is a very bad idea.
Just leave it to them in your will.
2006-12-28 11:42:33 · answer #3 · answered by Blicka 4 · 0⤊ 0⤋