Presents for the Future

Would you like to give your children or grandchildren different kinds of gifts this holiday season? Financial gifts never go out of style. Some ideas:   Stock or mutual fund shares. Your gift may spur a lifetime interest in investing. The “kiddie tax” rules (that subject a child’s unearned income to tax at his or her parents’ higher tax rate) are not applicable until a child’s investment earnings exceed $1,900 (2010 limit).   Money for college. Section 529 qualified tuition programs have no income restrictions on contributions; Coverdell education savings accounts do. Both accounts offer tax benefits.   Roth IRA contribution. This is an option only if a child has earnings from work. Contributed funds don’t have to be used for retirement, although leaving the money invested for many years offers greater potential for compound growth.

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