Contribution as Gift
Can a person other than the RIRA owner make a contribution to the account? A brother wants to give money to his younger sibling to start his RIRA, but would like to deposit his gift into his brother’s RIRA. I don’t believe this is allowable.
Thank you for your time!
K
Permalink Submitted by Alan Spross on Mon, 2011-12-19 20:04
His brother will have to establish the account himself. Once the account were established, if the donating brother finds out how the check should be made out to make the deposit he could make out the check and give it to his brother to make the contribution.
Of course, there is no restriction preventing his brother from taking a Roth distribution of all the funds the next day if he chose to.