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Subject:  Re: tax benefits contributing to parent's retire Date:  3/13/2001  8:11 PM
Author:  pmarti Number:  48352 of 127985

Is there any way I can start/contribute to an IRA or other retirement savings vehicle for my parents which gives me a tax benefit or other savings?

No. Once you give money to them, anything it earns afterward is income to them, not you, but there's no immediate tax benefit to such contributions.

Phil Marti
VITA Volunteer
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