No. of Recommendations: 2
habuchas100...

Can I open a Roth for my grand children? If not can, they open a Roth with monies earned doing chores around my place despite the fact that I don't fill out some IRS form reporting it. Lawnmowing, babysitting, allowance, etc and other various incomes from chores and donations are seldom declared by young children. What are the rules and if applicable where can I read them?

The Fairmark "Tax Guide For Investors" Online Publication comes to the rescue once again:

http://www.fairmark.com/rothira/minors.htm

Also, if you really want some heavy reading on IRA's from the "Horse's Mouth":

http://www.irs.gov/pub/irs-pdf/p590.pdf

Note: The IRS Pub is a (PDF) File and requires that you have Adobe Reader to look at it. If you don't have Adobe, you can download it for free at this site:

http://www.adobe.com/products/acrobat/readstep2.html

Regards,
Bill

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