<prompt> Human: My father has a 25k IRA hes had for years. He is 67, his wife 63. He is retired from the railroad. They get about 52k a year in retirement together from the railroad. She married into it.Im not concerned about my taxes, but his.Our financial adviser says they will have to create an IRA for me and then transfer the funds from my fathers.He said that waiting till Nov 1st and using the 60 day grace period would allow my father to pay the tax on in 2019.I dont think it will be much tax.How much additional tax would he have to pay?How does the 13k gifting affect this?Would he be adding 25k to his taxable income or just 12k?Im also waiting on a call from our tax guy. But thought Id put my questions out here.Thank you.  <response>: If thats what your financial advisor told you, you should probably find a new financial advisor, because none of that is correct. It is not possible to transfer an IRA to another person unless the first person dies and the second person inherits it.What would have to happen is:1. Your dad withdraws the 25k from his IRA and pays whatever taxes are due on the withdrawal presumably his normal income tax rate, assuming this is a traditional IRA not a Roth IRA.2. Your dad gives you the 25k less taxes. He does not have to pay any additional taxes for giving you this money, unless he has already given away 5.45 million in his life. He will have to file a form with the IRS indicating the amount of the gift, but all that does is deduct from his lifetime 5.45 million gift tax exemption.3. You take the money and deposit it into your bank or investment account. You cannot deposit the entire amount into your own IRA. The usual 5500 per year contribution limit still applies to you. 