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Money and Finances
Reply to "Funding Roth IRA for minor children"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We want to set one up for my kid and match what he earns. If he makes $1,000 this year (from an organization, with pay stubs etc), can he keep the $1000 and we invest another 1k in his name? In this case, he would also have a savings account with 1k in it. Seems ok to me but it’s not actually the money he earned being invested. [/quote] This is fine. [/quote] Yes, this is fine. I have heard families encourage their kids to earn in money college or HS. They then put an equivalent amount in kids IRA but the kid is still free to use the earned money for whatever. Money is fungible. Your kid can transfer 1K to Roth IRA and then you can gift your kid 1K for no reason.[/quote]
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