Roth no income (pay, million, taxes, business)

[caco54]

I have given my kids a Roth contribution every year based on their income. My oldest now is a SAHM with a husband making $75,000. Can I gift her $6,000 Roth contribution?

[davebarnes]

No.
But, she can form a business and declare $6000 in income and pay the modest taxes.
And, then make a Roth contribution.

[oneasterisk]

Originally Posted by caco54

I have given my kids a Roth contribution every year based on their income. My oldest now is a SAHM with a husband making $75,000. Can I gift her $6,000 Roth contribution?

Yes that's possible through a spousal IRA, which can be a Roth or traditional.

My wife is a SAHM and we contribute to her Roth with my income.

https://www.investopedia.com/what-is...th-ira-4770888

[Lowexpectations]

Originally Posted by davebarnes

No.
But, she can form a business and declare $6000 in income and pay the modest taxes.
And, then make a Roth contribution.

Nothing like fraud to get a Roth contribution done when none of that is necessary

[galaxyhi]

Originally Posted by oneasterisk

Yes that's possible through a spousal IRA, which can be a Roth or traditional.

My wife is a SAHM and we contribute to her Roth with my income.

https://www.investopedia.com/what-is...th-ira-4770888

This is my answer.

As long as spouse has earned income, a spousal IRA or spousal Roth IRA is possible.

And as well, the total earned income declared and contributed must equal or exceed the total contributions made to each spouse's Roth's or IRA s.

Your contributions were based of your child having earned income, but the spouses income can also be used for a spousal contribution.

Nice of you to contribute!

Best

[leastprime]

^IIRC, the spousal IRA/Roth works.
The easiest way for you is to give the money to daughter (be aware of gift limitations by the giver) and let her contribute to a spousal IRA/ROTH.

[rjm1cc]

Since her husband has over 6000 in income she can make a 6000 contribution to a ROTH.

You can actually gift her up to about 11 million with tax problems but better due it today as tomorrow could be a different tax structure.
You can also give her about 15,000 a year without having to file a tax return.

So no problem giving her 6000 for her Roth

[Petunia 100]

Originally Posted by davebarnes

No.
But, she can form a business and declare $6000 in income and pay the modest taxes.
And, then make a Roth contribution.

You shouldn't try to answer questions.