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Author: SquidgePa Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Roth with Gifts Date: 12/30/1998 1:53 PM
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Hi,

Can my daughter, SimpleSquidge, open a Roth IRA with
money received as a gift? She currently has no other
income (being two and a bit).

Always learning,

SquidgePa
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Author: SquidgePa Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7756 of 121219
Subject: Re: Roth with Gifts Date: 12/30/1998 2:42 PM
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Hi All,

Well, I answered my own question: No Income, No Roth.

Thanks,

SquidgePa

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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7765 of 121219
Subject: Re: Roth with Gifts Date: 12/30/1998 3:24 PM
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[[ Hi,]]

Hi Squidge...

[[ Can my daughter, SimpleSquidge, open a Roth IRA with
money received as a gift? She currently has no other
income (being two and a bit).]]

Sorry, Squidge...but as you noted in your next post, no income, no IRA. But remember that the income must be EARNED income. Not just income. Make sure that you understand the distinction between the two. If you don't, let me know and I'll walk you through it in a bit more detail.

You can also read more about Roth IRA issues in the Taxes FAQ area. I have a 5 part series there that discusses many of the Roth IRA issues. You might want to check it out.

TMF Taxes
Roy

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