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B
Blanton
Level 2
February 11, 2022
Question

My client's father contributes $20.00 per week to her Traditional IRA. Is she allowed to deduct the contributions.

  • February 11, 2022
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2 replies

rbynaker
rbynaker
Level 13
February 11, 2022

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
    sjrcpa
    Level 15
    February 11, 2022

    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.
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