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Money and Finances
Reply to "Bank accounts or Roth (custody?) for under 18"
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[quote=Anonymous][quote=Anonymous]You are in high tax bracket, which means you made decent money. Why would you be worried about tax on $150 ($3k getting 5% max). Don't complicate your or his tax situation trying to save on such a small amount. If he indeed gets a paycheck, have him open a Roth and put the $1k in it. It's more important that he opens it and chooses his investments inside of it than trying to save on taxes. Saving on taxes comes once he has enough income and need for that. [/quote] I'm not worried about a small % in taxes now, it's a little late in the year as it's been in my name whole time. Just wondering about what's best moving forward when he starts getting PT jobs as he's entering teen years and eventually in college. But sounds like Roth is a good option, so will look into that one. [/quote]
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