Go to Jeff Salisbury LWGate Home Page.From: Christy Rohrig <christy@netwiz.net>
Subject: IRA's for your kids!!!
Date: Fri, 29 May 1998 18:20:03 -0700
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Hi Jim,
I wish my parents had been this pro-active. They've really helped
me out in buying a house, so I can't complain.
My understanding is that, since you can gift $10k to any one person
each year, there is no reason that you can not gift your kids $2000 to
open their IRA's. If you're doing this, I highly recommend getting a
ROTH IRA as the money is taxed when you put it in vs. when it's taken
out. If they are making less than $20k, it's most likely in their
favor.
A tax-geek, engineer's opinion,
- -Christy
- -
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