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URL:  http://boards.fool.com/greetings-dabob-and-welcome-ltltwhat-are-10097077.aspx

Subject:  Re: Roth IRA Date:  2/3/1998  2:54 PM
Author:  TMFPixy Number:  1614 of 76418

Greetings, Dabob, and welcome.

<<What are some examples of ways kids could get legit ("close to legit?") income - besides working at a burger stand at 16/17? In another post someone mentioned the kid would need a W2 (maybe 1099?). My kids are young - but wouldn't it be great to start a Roth for them... They don't have the temperament to be child models.

Any creative folks out there figured this one out?>>

There are exceptions, but it requires the parents to do all sorts or weird records keeping and filings of SS and estimated taxes, etc. The surest way is a regular job. That way the IRS knows for a fact the money was "earned" through employment. I'm sure the tax board can give you some ideas of what it takes in the absence of a W-2 or 1099.

Regards…..Pixy


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