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Hi, wondering if this is possible and wise to do. Planning ahead for my kids.

Recently became a dad with my second child (who is now 5 months) and as my first child (28 months) received lots of money and bonds as gifts. Have enough toys, do not need any more :)

Currently I placed the money in MMA under my name for each child which is earning 2%. Thinking of openning an IRA for them and contributing each year until they can take over and contribute themselves. Is it possible for me to open an IRA (Roth is what I thinking) for each of them under their names? If so, anything I need to do for taxes like filing out reporting that contributions were made?

I have 529 plans for each and I also have stocks which I bought when they were born under my name which I will transfer to them when they are older. They are treated as buyandhold. Stick them in the drawer and forget about them.

Thanks for any information.


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