Bill wrote:
- quote -

You read my mind, Bill. It's Roths that I'm thinking about.
The catch comes though in that they're in diferrent tax
brackets, so the gift will be limited in order to be fair.

So far the client likes my idea.

Christmas Cheer$,
Harlan Lunsford, EA n LA

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Paul A Thomas wrote:
- quote -


- quote -


- quote -

WEll..... for a Georgia boy, like you and I are,

canned sardines and Saltines.
and RC Cola (invented way down heah in Columbus, GA,
the birthplace also of that other soft drink, Coca Cola.

Christmas Cheah$,
Harlan

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William P Brown wrote:
- quote -

Only if the congress is democrat in nature. Reminds me of
someone long ago (Will Rogers?) comparing congress to the
Roman empire, decreeing bread and circuses for the masses.

Christmas Cheer$,
Harlan Lunsford, EA n LA

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Harlan Lunsford posted:

- quote -

From the facts you provide on income levels, wouldn't it be
nice to provide them each with a $3,000 contribution to a
Roth IRA ... which could be an annual gift, eventually
becoming the ideal "gift which keeps on giving" ?

Just a thought.

Bill

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William P Brown <wpbrown[at].longwood.edu> wrote:
- quote -

Well, I'd imagine they can get sliced bread at the commissary.

On the other hand, since Congress is not responsible for
sliced bread, perhaps that can mean that nothing good has
ever come out of Congress.

Stu

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- quote -

"William P Brown" <wpbrown[at].longwood.edu> wrote
- quote -

Which begs the question, what was "the best thing since...."
before there was sliced bread anyway?

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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Harlan Lunsford wrote:

- quote -

Congress is responsible for sliced bread?!?!????

Sign me --

Confused.



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A client can't think of what to give his two kids for
Christmas. Of course there's always M O N E Y! and I'm
not talking about a subscription to my favorite hobby
magazine.

So I ask him, do both children have IRA accounts? Not that
he knows of, since both are in dire financial straits.
Would they follow your advice if you gave them money even
though you would have to do so with no strings attached?
Yes, he can trust them

One should have income of less than 15000 for the year,
single. the other, unmarried mother with one kid, maybe
25000.

My plan for him is delay the Christmas gift until he can get
details on their exact tax situations before they file, then
give each enough money for each to establish IRA accounts.
For the son he would give him half of what is needed to zero
out tax after the credit for retirement savings. See where
I'm going? And then the gift to the daughter would need to
match the son's gift, so as not to play favorites.

That credit is the second best thing to come out of Congress
since sliced bread.

Cheer$,
Harlan Lunsford, EA n LA

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