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Can my wife and I, filing jointly, AGI over 150,000 contribute to IRA's for our three children to reduce taxes

 
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Level 15

Can my wife and I, filing jointly, AGI over 150,000 contribute to IRA's for our three children to reduce taxes

These would be gifts to your children and IRA contributions by your children.  Gifts to your children will not reduce taxes.  Contributions to an IRA made by your children might reduce your children's taxes if each has earnings from employment that will support an IRA contribution.  If your children do not have earnings, the contributions will be excess contributions subject to penalty.

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Level 15

Can my wife and I, filing jointly, AGI over 150,000 contribute to IRA's for our three children to reduce taxes

These would be gifts to your children and IRA contributions by your children.  Gifts to your children will not reduce taxes.  Contributions to an IRA made by your children might reduce your children's taxes if each has earnings from employment that will support an IRA contribution.  If your children do not have earnings, the contributions will be excess contributions subject to penalty.

View solution in original post