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You certainly can as long as he's younger than age 18. Take care, though, because only one $500 deposit to an EIRA may be made per year per child by everyone combined. Ensure his parents or another relative haven't already made such a deposit or you could end up with a tax hassle.

Some families do not discuss financial matters. If multiple EIRAs are opened up for a child, who is penalized? Is it based on date EIRA is started? What is the penalty?

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