I assume you mean it in context that you took out GMs funds and there is nothing else to play game s with,not some other 50K you put in last year for 100K and we could debate which 50K you took back-----
Personally I think you deserve the dirty card award of the week and its issues like the one you pose that invite folks in Beltway to dreamup more and more rules.
BUT as you post it there do not appear to be any Federal tax implications to the move. (You might get a different answer under some state gift tax rule as to state issues --but only a handful of states even have gift tax ruels and I doubt they address this one.)
HOWEVER, that said , if the SOLE purpose of this move is to sidestep taxes then the IRC has a provision in it that allows IRS to reconstruct. Now by itself to gift yourself $50K does not trigger taxes, it could suggest that an examiner needs to look at you thru a microscope--I would if I saw it!
Now as a moral issue I think you are bad news to raid your sons account of well intentioned gifts made by GM.
If you told me you emptied the account to bring it to zero so as to avoid some state or federal inheritance tax for a son likley to expire soon I'd see it with different share of grey or likewise if to avoid the necessity of probate or intestacy of said sums .
If your son made a noneducational withdrawal I'd thint it would have a far less smell to it.
Were I GM I'd still think you smelled bad!
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Drew
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