Reply to Funding Roth IRA for minor children

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[quote=Anonymous][quote=Anonymous][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]

Yes— the IRS cares about not putting in more than he earned but they aren’t going to try and track where the specific dollars came from. [/quote]

I mean, except they do track it. Haven’t you looked at your IRS records online?  It’s there, going back 10 years. [/quote]

Yes they track how much you earn and how much you contribute to your IRA but they don’t track your bank balance to see if first you deposited your paycheck and then wrote a new check to Fidelity to cover the IRA. [/quote]

Yes, you are right. I thought got this post confused with the posters encourage others to commit tax fraud. Sorry![/quote]

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