Is there any way to take the money out of a SEP-IRA?
Since my boss puts the money in on my behalf..is there anyway for me to take it out?
Are there tax benefits when I invest for my kids?
Question by jrmykerns: Are there tax benefits when I invest for my kids?
This paper says I can make my kids millionaires, but I don’t understand the tax benefits of a “kid IRA” or the other investments for my kids that he’s talking about. What are they?
http://www.19millionaire.com/
Best answer:
Answer by extra_37
If you put away the maximum amount into your kids IRA each year until they leave the house, the account will grow to over $ 1M by the time they are 59 1/2 years old. The max contribution is $ 4,000 per year per account.
For example, if you kid is almost 1 year old and you contribute $ 4,000 for the next 18 years, the principal will be $ 72,000. Assuming an income growth of 5.5% annually, he will have over $ 1.1M in the account. The account is tax-free until he withdraws it.
What do you think? Answer below!
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