Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Gotalilstinker: "Hello everyone this is my first post and luckily I found a thread addressing an issue I have."

Welcome.

"I think the original poster was looking to open an IRA for his child, something that I was considering doing as well, but I called the IRS on yesterday and I was told that I can't contribute to an IRA for my daughter because she doesn't have earned income.

In my opinion I don't think that's true"


It would be true. In this case the IRS gave you the appropriate response.

"considering you can contribute to a spouse's IRA if they are unemployed (no earned income),"

But you file a joint return with your spouse, and the amount is still limited by the earned income of the working spouse.

"but that's what I got from their help line."

The IRS gave you the appropriate response to your question.

Regards, JAFO


Print the post  

Announcements

Paying For School Guide
Trying to Tackle Tuition? The Motley Fool's Guide to Paying for School will help you fight those rising education costs.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.