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Author: AndyIs24 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121430  
Subject: Education IRA Date: 10/24/2000 3:18 PM
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My dad wishes to contribute to my son Drew's (6 months old) Education IRA. However, my dad's AGI (and mine too) is above the limit to do so. Is it true that he can gift $500 to Drew, and that I can then open an Education IRA for Drew and deposit the $500 in behalf of Drew? If possible, this seems like quite a loophole, where the AGI of the donor really doesn't matter, because they can just gift the money and then have the donee deposit it in the Education IRA.
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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 41168 of 121430
Subject: Re: Education IRA Date: 10/24/2000 7:06 PM
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My dad wishes to contribute to my son Drew's (6 months old) Education IRA. However, my dad's AGI (and mine too) is above the limit to do so. Is it true that he can gift $500 to Drew, and that I can then open an Education IRA for Drew and deposit the $500 in behalf of Drew? If possible, this seems like quite a loophole, where the AGI of the donor really doesn't matter, because they can just gift the money and then have the donee deposit it in the Education IRA.

Yes, he can, and yes, it is. I've sometimes referred to this as a loophole about the size of a small Central American country. It's alos one no one is yearning to plug. Have at it.

TMF ExRO
Phil Marti

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