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We are planning on opening a Roth IRA for our child. Just wondering for those who are doing this, what kind of work is your kid doing? Our son is 12.
When mine was that age he started working as a caddy at the local golf course. Was a great job for him that he kept right through high school. By the time he was 15, he was making more money than me.
I’m curious about this too.
I thought my accountant said he could but yes we would have to fill out a 1099.
He cuts neighborhood lawns, does odd jobs. Makes good money.
So?
He will putting money into a tax-free box that he will open 50 years later.
Compounding is his friend.
So?????
Did I misstate anything? Did I say don't open a Roth? Did I say anything negative?
I was mentioning this because if the father wants to put all the earnings into the Roth, he should understand that he will need additional cash to pay the Self Employment Tax.
How would you do it? We tried to open one for my 15 yo son and they all required him to be 18+, so we didn't. He didn't want the parents name on his accounts.
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