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Reply to "Half more - child custodial Roth IRA compliance"
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[quote=Anonymous][quote=Anonymous]I looked into Roth IRAs for kids years ago, but since I don’t own a business it didn’t seem legitimate to set one up by “hiring” them. I do know families who run businesses and pay their kids for things like cleaning or modeling so they can contribute the maximum. What we did instead was simple: once our kids started working real jobs—retail, refereeing, lifeguarding—we matched their earnings by contributing that same amount into a Roth IRA for them. They only made a few thousand in those early years, but invested in a passive index fund, the accounts have already grown substantially. Best part: the kids keep and spend the money they earned like any other teenager, while still building a long-term nest egg.[/quote] This is the way. It's good for kids to have summer jobs anyway[/quote]
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