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New Member

My son 18-yr-old student and has no income; a dependent in our tax return. He opened IRA account with $5500 in 2019. He used my saving money. Is it tax deductible?

My son 18-yr-old student and has no income; a dependent in our tax return. He opened IRA account with $5500 in 2019. He used my saving money. Is it tax deductible? Turbotax does not provide any options for this deduction.

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New Member

My son 18-yr-old student and has no income; a dependent in our tax return. He opened IRA account with $5500 in 2019. He used my saving money. Is it tax deductible?

You are not supposed to open an IRA account without earned income. It is not a deduction for you in any scenario. It would be a deduction for a dependent.

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Level 15

My son 18-yr-old student and has no income; a dependent in our tax return. He opened IRA account with $5500 in 2019. He used my saving money. Is it tax deductible?

In order for a person to make an IRA contribution, he must have earned income. In order to make a $5500 contribution, he must have at least $5500 of earned income (wages or self employment).

You need to contact the plan administrator and undo the contribution