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Enron Mail |
Unfortunately, it is considered a gift. Thus, you will not be able to take a tax deduction on your return. However, your sister will get the benefit of avoiding a great deal of capital gains tax. If you will e mail me the following, I will prepare the paperwork on both accounts for her signatures: social security # address for mailing statements date of birth name of employer husband's name husband's social sec # I would highly recommend using the aged based plan that will become increasingly more conservative as the child reaches the age to enter college. i.e., the plan will weigh more toward bonds and cash with time, less on stocks.
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