Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Back in late 1998, I opened 2 Education IRA's at a savings bank. $500. was deposited for each of my two children. $500 from me to my son, and $500 from my wife to my daughter. I then learned that I'm not permitted to have both the edu ira and the NY Saves program I invested in as well. I asked the bank to change the edu iras to regular ones for each of my kids, but they wouldn't do it. They gave me two checks. Each payble to me, closing the accounts. My question is, if I cash these and then send my own check as a contributions to each of their NY Saves accts, will I be penalized? Do I have 60 days? Should I go back to the bank and ask that they make the checks payble to NY Saves?
Thanks in advance for ay help. I know it's small potatoes, but I'm of modest means. Fool On!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.