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Submitted By: Lillian
Answered: January 29, 2016 12:02 pm
Answered: January 29, 2016 12:02 pm
Can a grandson make a gift to a grandmother?
Yes. While it’s not the usual situation that someone in a younger generation gives gifts to someone in the older generation, there’s no tax rule barring this. In fact, under tax law there’s no bar to gifts being made by minors.
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Tax Glossary
Qualified plan
A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.
