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

 
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9 Replies

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

Do they have earned income?

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

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

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

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.

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

Do they have jobs?

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

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).

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

yes they both have jobs

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

Right. They get to take any deduction (not you).
dmertz
Level 15

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

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
Level 15

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

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

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