The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing


Subject:  Re: Education IRA for Nephew? Date:  12/15/1998  2:23 PM
Author:  IndecisiveFool Number:  7319 of 81340

You certainly can as long as he's younger than age 18. Take care, though, because only one $500 deposit to an EIRA may be made per year per child by everyone combined. Ensure his parents or another relative haven't already made such a deposit or you could end up with a tax hassle.

Some families do not discuss financial matters. If multiple EIRAs are opened up for a child, who is penalized? Is it based on date EIRA is started? What is the penalty?

Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us