If you give your goddaughter a gift, that is not deductible to you. Whatever she does with the gift would be reported on her tax return. She is not allowed to contribute to an IRA unless she has income earned from working that is equal to or more than the contribution.
If she is young and not working yet, there may be better ways of investing for her future, but you would need to consult a financial advisor since I don't know all the options and rules.
