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Contributions To Your Children's IRA

Tip of the Month

June 2000

Contributions To Your Children's IRA

TIP OF THE MONTH

If you have an IRA for your son or daughter, you can contribute to it without penalty - up to a point. If your child runs short of cash in a given year, you can give them the $2,000 contribution - BUT - the $2,000 will count against the $10,000 per person, per year, limit that you can give in gifts without having to file a gift tax return with the IRS. ALSO, if you go over the $10,000 gift limit to one of your children in a given year, for any reason, the amount above $10,000 will be deducted from your "life time exclusion" of $675,000, which is the maximum amount you can pass on to heirs without incurring a tax liability.
 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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