No, just you. Any IRA withdrawal is taxed to the owner as regular income. Recipients never pay taxes on gifts they receive. And the givers only pay taxes if the total gifts exceed $12 million.
If I Close My IRA and Give That Money to My Son, Will We Both Have to Pay Taxes on the Money as Income?
Rhode Island Bar Association
Rhode Island Bar Association Elderly
Pro Bono and Volunteer Lawyer Programs
Senior Agenda Coalition of Rhode Island
National Academy of Elder Law Attorneys (NAELA)
