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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]Can someone walk me through this? When you say you are matching their income in a Roth, how does this work? I didn't think you can put more than their earnings in a Roth. So if the kid earns $3000 and puts in $2000, how can you match that since they would then have contributed more to the Roth then their taxable earnings? Or are they contributing $2000 and you the remaining $1000?[/quote] Pretty sure what people mean is if kid earns $3000, they put all $3000 in then mom matches it and gives kid $3000 to spend or put in a regular savings/checking account. [/quote]
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