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Money and Finances
Reply to "Bank accounts or Roth (custody?) for under 18"
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[quote=Anonymous]My son doesn't have much in savings yet, just under $3K. I currently opened a HYSA under my name so he can get some interest from his savings. He also has some earned income. Less thank $1K a year, from doing umpiring during baseball season. He might get a PT job next summer which got me thinking about what's the best way to help him manage and save his money. Under my current savings situation, any interest gets taxed under our higher income tax bracket, vs if he "filed" under his own SS, he technically wouldn't need to pay taxes on any of it since it's under $10K? Also I heard it's better to save in a Roth or custodial Roth since he has "earned" income. Welcome any advise on how to move forward to minimize taxes and maximize long term financial savings![/quote]
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