Anonymous wrote:My 20 year old has a debit card that deducts from her bank account. I made her put her earnings into a Roth. She can see how it performs, as well as her UTMA.
She works in the summers, and works very part-time while at school.
Most of the money in her account is her earnings. We will sometimes pay for things, like plane tickets for certain programs she wants to undertake, or a new laptop for school. But sundry everyday expenses are on her. She would come to us if she needs more cover but she doesn't.
We can afford to float her however DH and I are at odds about it. He wants to give her whenever she asks and I'm the one who says no, she needs to think about whether or not something is worth the money she worked for. I really believe that at this age the patterns become set so if a person has been floated, they will continue to expect it going forward. I want to throw cold water on that expectation.
My kid eats at home unless she is having dates with friends. She does indulge in skincare products.
If a college kid opens a Roth, does she have to file income taxes even if she doesn’t earn enough money from a summer job to have to file otherwise?
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