Skip to main content
No. of Recommendations: 1

{{{Want daughter to start a retirement account.}}}

Phil: "Let's hope she has the good sense to listen."

Also, let us hope that daughter has earned income to support a contribution (or is married to a husband who has the earned income to support the contribution.

{{{Will it be deductible for this year's taxes?}}}

"Try to avoid using "this year" when discussing taxes. It's hard to tell whether you're talking about 2007 or 2008. Assuming you're talking about 2007, she can still make contributions through 4/15/2008 or, in some cases, later. They may or may not be deductible. They also may or may not make her eligible for a tax credit in addition to the deduction."

{{{Is there an income limit on taking a deduction for putting money into retirement account?}}}

"For some people, yes.

See IRS Publication 590. If she's self-employed, also see Publication 560."

As always, I have little to add to Phil's excellent posts.

Regards, JAFO
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.