Pretax accounts for newborns (in advance?)
Hi,
My wife and I are expecting a child in a few months.
We would like to purchase the necessary equipment -- car seats, strollers etc -- with pre-tax dollars.
1) Am I allowed to use my own pretax account (set up in my name) for these expenses?
AND/OR
2) Is it possible to set up an account for the baby before it is born?
We want to buy the equipment BEFORE the birth, of course... but we also want to use pre-tax dollars. If neither (1) or (2) above will work are there other options?
Many thanks!
IND