Can I buy an IRA for my children and take a deduction on my taxes ?

[SweetieJean]

Do they have earned income?

[Capharpo]

I don't understand the second sentence.  "But you can make the contribution if they have enough earned income from W2 or 1099Misc income".

[VolvoGirl]

The deduction would only go on their return.  But you can make the contribution if they have enough earned income from W2 or 1099Misc income.

[SweetieJean]

Do they have jobs?

[VolvoGirl]

You can contribute to their IRA for them.  A lot of parents do that.  But they have to have income and they get to take the deduction on their return (if it qualifies as a deductible contribution).

[Capharpo]

yes they both have jobs

[SweetieJean]

Right. They get to take any deduction (not you).

[dmertz]

These are effectively gifts from you to your children which your children then individually contribute to an IRA based on each one's own eligibility to make an IRA contribution.

[Hal_Al]

For most kids earning a little, effectively untaxed,  income; a Roth IRA contribution is a smarter move than a deductible Traditional IRA.