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Author: rookieJoe Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: IRA's and 1099's Date: 2/11/2004 1:29 PM
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rcassels,

Keep an eye on the LSA proposal (www.lifetimesavingsaccount.com). If it gets passed, it may work for you. I haven't read up on the proposal this year, but last year when it was proposed there were no income or age requirements. That means it would also work for kids with no official income.

The proposal is basically to create a "savings account" similar to a ROTH IRA (tax exempt). There would be restrictions on when/why you could withdraw from it, and the current proposal is for a $5000 annual contribution limit.

Or better yet, instead of just watching to see if it is passed, write your senators/reps and tell them your situation. Let them know how much it would help you!

-Joe
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