Blanton
Level 1
02-11-2022
05:18 PM
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rbynaker
Level 14
02-11-2022
05:31 PM
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I would be inclined to treat it as a gift and a contribution by the taxpayer. Whether that's deductible (or even eligible) involves facts not presented in evidence. Is there earned income? Covered under an employer plan? AGI? Filing status?
sjrcpa
Level 15
02-11-2022
05:37 PM
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If she otherwise qualifies to make a deductible IRA contribution.
This is the same as if her father gave her the money and she put it in an IRA.
The more I know the more I don’t know.