The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Education IRA||Date: 4/18/2000 4:33 PM|
|Author: hzengmar||Number: 34712 of 119693|
Hi, Phil, thanks for your reply. I will get the money out now per your suggestions.
All is clear except when you say: "It's legal to ask anyone to contribute to your son's Ed IRA." Does this "anyone" include a Aunt, Uncle, or a friend? Does this "anyone" has to have earned income? In Pub590 there are no rules as to whom this "anyone" should be at all except the AGI limit.
May I set up a costodian account for my son and put in certain amount for him each year (below $10000 to avoid gift tax) as a gift, then withdraw $500 from this account to contribute to his Edu-IRA?
Thanks so much for your help and your patience.
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