Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
My 38 year old son just landed a great job paying over $70,000. He will be contributing to a employer-sponsored 401k and I want to start him on a Roth IRA by gifting him $6000. He will have made well over that amount by the end of the year and I know that as long as my wife and I keep the total gifts to less than $20,000 there should be no income effect on his taxes. Is there any problem with his starting a Roth IRA with a gift under these circumstances?

Also, is it true that if he contributes $6000 to a Roth in this way, he cannot also contribute to a regular IRA?

Are these limits correct for 2020?
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.
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.