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Message
Twins with $1500
Posted on 10/28/09 at 11:42 am
Posted on 10/28/09 at 11:42 am
My seventh month old twins have collected about $1500 each from gifts,and I was going to open a savings account but I was thinking I may open an IRA instead with an indexed based fund. So should I go roth since the money is post tax?
2
Posted on 10/28/09 at 11:49 am to mikie421
Regular IRA is funded with earned income, gifts do not count.
Posted on 10/28/09 at 12:02 pm to CHSBears
So what's the best option for these little rugrats?
Posted on 10/28/09 at 12:03 pm to mikie421
Why don't you start a college savings account?
Posted on 10/28/09 at 12:05 pm to tygerstripes
CSA might mess him up come Fafsa time.
Posted on 10/28/09 at 12:17 pm to RollTide4Ever
In your name and social number, and then invest.
Posted on 10/28/09 at 12:30 pm to CHSBears
529 Plan considered a partental asset and you have full control and can be invested in stock market and comes out tax free if used for education (same tax basis as Roth essentially) - can also be used for duel kids/family - the only IRA you could do would be for yourself
Posted on 10/28/09 at 2:20 pm to mikie421
529 plan
I just opened one for my 3 month old.
I just opened one for my 3 month old.
Posted on 10/28/09 at 3:49 pm to yellowfin
Did the same for my little one and its somehow my best investment. My ROR on my daughters 529 plan is killn all my other investments 
Posted on 10/28/09 at 6:25 pm to lsugradman
Cool. I read up on 529's and I think that is how I'll go.
Posted on 10/28/09 at 6:32 pm to mikie421
(no message)
This post was edited on 8/28/11 at 9:29 am
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