The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Roth IRA||Date: 2/3/1998 2:54 PM|
|Author: TMFPixy||Number: 1614 of 75537|
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.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|