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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]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?[b] Or are they contributing $2000 and you the remaining $1000?[/b][/quote] This pp. people are using the word “matching” loosely [/quote] My dd is earning 4,000 this summer from an internship. We are giving her 4,000 to put in her Roth and no more bc 4,000 is the extent of her earned income. We are fortunate to be able to do this and dd recognizes that as well. She also does not over-spend so we are not worried about her blowing the 4,000 that is in her savings account. [/quote]
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