Are you putting your child's refund from the govt in an IRA?

Question

Are you putting your child's refund from the govt in an IRA? I am thinking about doing it but don't know if a child can have an IRA started for them. What do you think?

<a href="http://www.beasahm.com">Be a SAHM </a>

Answer 1

IRAs are for EARNED INCOME; who ever you are thinking about, make certain that person has earned income.

As for me, I have no child left behind; one died, the other two are grown and gone. And I have no earned income. And I am a senior citizen.

Answer 2

First this is not your child&#039;s refund.  Unless your child is earning a income.  Otherwise the child is your dependent that you claimed on your income tax return.  The IRS stimulus refund is based on your income tax return.  

Now if you choose to save money for your child that is your choice.  

My Choice is to apply it towards their collage fund. But thats me.