Is there a certain amount of money that you can cash out of an account and gift to a hurting friend without tax penalty?


Hello @crossstitch, since we are not tax advisors, it would be best to contact your accountant, a tax consultant or the IRS with this inquiry.  As a member your benefits include financial advice from our licensed financial advisors.  You can call and speak to one to see if they can assist. They can be reached at 210-531-8722 at your convenience. -Colleen