My teenage son cuts the lawn and does other maintenance on a couple of rental properties I have and I pay him for the work. He also puts $2,000 in a Roth IRA since he has earned income slightly higher than that. The guy who does our taxes calculates self employment tax on the earnings but in an article on kid's IRA a while back there was a statement that seemed to say the tax wasn't due if the kid worked for their parent. Does anyone have a clarification on this? How much of a problem (risk?) is it to re-open the past 3 tax years and amend the returns?Thanks for your help.
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