You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ar2024
Level 1
BRB99
New Member
demuretwilight
Level 1
cshaw32
New Member
ujp8418
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.