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Author: jemco Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76081  
Subject: children's IRA?? Date: 1/3/1999 8:53 AM
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Hi,

I am condidering setting up an IRA for my niece & nephews. I have calculated the path to a million dollars and it looks like as small as $100 growing at 18% annually should get pretty close.
I am considering starting their IRA's small like $50 to $100.
Is there a FAQ that anyone knows about to get me started, please?

I thank you.

Joe.
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7649 of 76081
Subject: Re: children's IRA?? Date: 1/3/1999 10:20 AM
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Greetings, Joe, and welcome. You asked:

<<I am condidering setting up an IRA for my niece & nephews. I have calculated the path to a million dollars and it looks like as small as $100 growing at 18% annually should get pretty close.
I am considering starting their IRA's small like $50 to $100.
Is there a FAQ that anyone knows about to get me started, please?>>


Unless you're talking about an Education IRA, you cannot open one for them unless they have earned compensation (i.e., job wages). The Education IRA can accept contributions only until the child reaches age 18, and must be used by the child's age 30.

I recommend you read the IRA discussion in my Foolish Retirement Plan Primer available at http://www.fool.com/retirement . You should also read IRS Publication 590, Individual Retirement Arrangements available for download at the IRS site ( www.irs.gov ).

Regards.....Pixy

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