IRA contributions by high school and college-age children

High net worth individuals should encourage individual retirement account IRA contributions by their employed high school and college-age children. Parents can use part of their annual $10,000 gift exclusion to fund the $2,000 contribution for the child.

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Bibliographic Details
Published inThe Tax Adviser Vol. 25; no. 3; p. 150
Main Authors Edmunds, Mark, Holden, Ken
Format Trade Publication Article
LanguageEnglish
Published New York American Institute of Certified Public Accountants 01.03.1994
Subjects
Age
Individual retirement accounts
Personal finance
Tax deductions
Tax planning
United States > US
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Summary:High net worth individuals should encourage individual retirement account IRA contributions by their employed high school and college-age children. Parents can use part of their annual $10,000 gift exclusion to fund the $2,000 contribution for the child.
ISSN:0039-9957