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Wealth Managers:Answer Questions & Get Points
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Asked on
December 29, 2022
in
Estate Planning 
Q:
How much money can I gift to my grandchildren tax-free per year?

I would like to start giving my grandchildren gifts manually rather than just giving them my inheritance when I pass. How much am I able to give without burdening my grandchildren with the taxes being taken off that money?

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How much money can I gift to my grandchildren tax-free per year?
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Wealth Manager Answer(s)

In 2022, you can gift $16,000/per year per person without having to fill out a gift tax form. If a child is married, you could gift that amount to each spouse for a total of $32,000/year.

January 1, 2023
Alex Voorhees

A Roth 401(k) works just like a traditional 401(k) with one big difference — contributions are made with after-tax dollars.They were introduced in 2001, making Roth 401(k)s a relatively new option for retirement savings. It combines the best features of a 401(k) and a Roth IRA: High contribution limits with no income restrictions on who can contribute. And, like a traditional 401(k), you can borrow money from your Roth 401(k).Read more here: https://www.beyond-wealth.com/blogs/should-you-contribute-to-a-pre-tax-401k-or-roth-401k

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December 13, 2022
William

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