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Reply to "If your minor child has an IRA"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote] You can but they will have to file a tax return[/quote] nope. 1300 not even close to filing limit[/quote] 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 [/quote]
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