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Tweens and Teens
Reply to "Does your teen have their own IRA or Roth?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm confused. If this money isn't taxable (and I cannot see how a $15-year-old's summer salary is), what benefit is a Roth at this point? Why not put it in a no or low fee index fund? There's nothing to lose, and then the money is available to them as young adults to help with a down payment, student loans, etc. I cannot believe any real financial advisor would advise this--only if they're getting a commission on that IRA. Truly, makes no sense to me. [/quote] +1 if a teen makes $500-1000 babysitting in cash just keep the cash. [b]In order to do a Roth you’d have to file a tax return for that small amount of mone[/b]y. Seems like overkill. [/quote] This is not correct[/quote]
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