As defined in classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. As used in modern logic, an axiom is simply a premise or starting point for reasoning.
To set your mind at ease, first determine if youâve given any one child more than the limit for a calendar year. You can give a child up to $14,000 in a year before you have to file a gift tax return (in 2012, this amount was $13,000). If your child is married, you can also give up to $14,000 each to his or her spouse. If youâre married, you and your spouse can both make gifts, meaning the maximum gift one couple can gift another couple without filing a gift tax is $56,000. This amount is per calendar year, and does not roll over from year to year.
Age is completely irrelevant. So if your child earns some cash from a summer job, or part-time work after school -- or whatever really -- the kid is entitled to make a Roth contribution. For the 2012 tax year, your child can contribute the lesser of: (1) earned income or (2) $5,000.These contribution limits apply equally to Roth IRAs and traditional IRAs, but the Roth alternative is the way kids should go in most cases -- for reasons I'll explain.ge is completely irrelevant. So if your child earns some cash from a summer job, or part-time work after school -- or whatever really -- the kid is entitled to make a Roth contribution. For the 2012 tax year, your child can contribute the lesser of: (1) earned income or (2) $5,000.