I contributed $500 to my son's Edu-IRA for year 2000. We just realized a capital gain in March which would put us over the $160000 AGI limit, assuming that we are luck enough to avoid significant capital loss later of the year. So I might have to withdraw the $500 and its earnings before April 15, 2001 from my son's Edu-IRA account.My son is only three years old and does not need to file a return. Do I have to include the earnings of the $500 as our income on our joint return and pay capital gain tax on it or I don't have to report it at all? This is question #1.Question #2: my son's grandparents have expressed interest in contributing to his Edu-IRA previously and their income is below the AGI limit. Are they allowed to contribute $500 to my son's Edu-IRA even though we could not to? If so, do they have to contribute to a seperate Edu-IRA account of his?In practice, I could have given the grandparents $500 and ask them to contribute instead of me. Is this legal?ThanksHZM
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Mornings