IRA contribution

[taxmom34]

can I as a parent give my son money to make a traditional IRA contribution , as long as he has the earned income and qualifies for deduction, when he does his tax return?

[Larmil]

can I as a parent give my son money to make a traditional IRA contribution , as long as he has the earned income and qualifies for deduction, when he does his tax return?

Yes, but consider a Roth IRA IMHO.

[taxmom34]

what i just posted was a question on turbotax live community board. a superuser is answering it saying that lyou must use your own funds to contribute to an IRA and it would be illegal and don't get audited, cause you're going to have a hard time proving to irs where the money came from if you had a check from parents and made contribution to ira the same time. i have made contributions to my ira over many years and the bank never asked me where my money was coming from. am i that far off in thinking how stupid does that sound?

[Larmil]

what i just posted was a question on turbotax live community board. a superuser is answering it saying that lyou must use your own funds to contribute to an IRA and it would be illegal and don't get audited, cause you're going to have a hard time proving to irs where the money came from if you had a check from parents and made contribution to ira the same time. i have made contributions to my ira over many years and the bank never asked me where my money was coming from. am i that far off in thinking how stupid does that sound?

Ask the "SUPERUSER" for a source their (mis)information. Maybe their barber told them so.