Weekly Tax Tip!

Children under the age of 4 will receive a deposit from The Federal government in the amount of $1000 to be used as an IRA type investment. However, parents can annually contribute up to $5000 after tax dollars to the account (which will grow tax deferred). Finally, at age 18 the child may withdraw the funds
without penalty if the funds are used for higher education, home purchase or to start a business.