If your minor child has an IRA

[Anonymous]

My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

[Anonymous]

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

Yes you can!

[Anonymous]

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

Yes you can!

+1 absolutely

[Anonymous]

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

[Anonymous]

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

nope. 1300 not even close to filing limit

[Anonymous]

Thank you all.. he is excited about his first earning and wants to invest in VGT.. super passionate about tech and ROTH seems best at this point

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

nope. 1300 not even close to filing limit

Self employment income triggers a filing requirement at $400

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

nope. 1300 not even close to filing limit

If you are going to open a Roth for your kid, you really need to know the actual tax rules.

If you only get a W-2, the filing threshold is $12,950.
If you are self-employed (earning any income, but not getting a W-2), you have to file taxes if you earn $400 or more.
Each source paying you $600 or more must give you a 1099.
If you are going to open a Roth IRA to enjoy the tax-free benefits of this investment, you better be following the tax rules and keeping docs to prove it.

So if that $1300 is from one source, you will need a 1099 to support it, plus a tax return.

https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

nope. 1300 not even close to filing limit

If you are going to open a Roth for your kid, you really need to know the actual tax rules.

If you only get a W-2, the filing threshold is $12,950.
If you are self-employed (earning any income, but not getting a W-2), you have to file taxes if you earn $400 or more.
Each source paying you $600 or more must give you a 1099.
If you are going to open a Roth IRA to enjoy the tax-free benefits of this investment, you better be following the tax rules and keeping docs to prove it.

So if that $1300 is from one source, you will need a 1099 to support it, plus a tax return.

https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return

And there are various exceptions for different kinds of work (e.g. domestic employees, family employee, etc.).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My 15 year old did some freelance coding work and earned $1300. Can I create a Roth IRA for him and contribute 100% of it? We do have the documentation to prove it.

You can but they will have to file a tax return

nope. 1300 not even close to filing limit

If you are going to open a Roth for your kid, you really need to know the actual tax rules.

If you only get a W-2, the filing threshold is $12,950.
If you are self-employed (earning any income, but not getting a W-2), you have to file taxes if you earn $400 or more.
Each source paying you $600 or more must give you a 1099.
If you are going to open a Roth IRA to enjoy the tax-free benefits of this investment, you better be following the tax rules and keeping docs to prove it.

So if that $1300 is from one source, you will need a 1099 to support it, plus a tax return.

https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return

And there are various exceptions for different kinds of work (e.g. domestic employees, family employee, etc.).

Can you post a link that has a complete list of exceptions? Thanks!