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Subject:  Re: IRA for teenager Date:  5/28/1998  1:21 PM
Author:  piz Number:  3502 of 88063

PSUEngineerFool wrote:
<<<<There's no minimum age; the only requirement is having earned income at least equal to the amount being contributed.>>

To add to TchrP response, the actual earned income does not have to go into the IRA. If your son has an earned income of $1500, this means you could contribute $1500 to the IRA and let your son save his money for future college expenses.>>

Yes, I understand I can do that as long as I don't contribute more than his gross earned income (or the contribution limit if he earns that much). That's what I was thinking of doing, although I didn't want to come right out and say it in case the IRS has planted listening devices in my brain. See my post in the Tax Strategies message board for my current encounter with the IRS. ;-)


P.S. Go Lions! (I'm PSU '83)

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