I called IRS and got the Roth IRA section, and said I paid my 12-year-old son $270 for mowing our lawn, it was his only earned income, and may he put that money into a ROTH IRA? They had me on hold twice, asked a lot of questions...all of them completely irrevelent to what I had explained. They finally said, yes, he was eligible to contribute the $270 to a ROTH, and they did say that the IRS would get a form from the IRS custodian, and that the IRS could request further documentation from my son to show proof of the earned income.
Be sure you are setting the example you want for your kid-that's how they learn.
LOL... Its sometimes a little difficult to interpert the point someone is trying to make wnen someone posts a one-liner. But I'd suggest to parents with offspring still under their charge...if you seek parenting advice, you'd probably want to try other sources than the fool tax board. I happen to be very proud of our three. In addition to early lessons from me about compound returns from saving/investing, the benefits about starting saving/investing early, the benefits of education, and the social obligations of giving time/money to those less fortunate...between the three of them, they have managed to get two full-ride scholarchips, one has a masters, one has a scholarship to a highly ranked graduate fine arts program, two are now working professionally as engineers, NOT as government employees. All three worked at local restaurants as dishwashers or waiting tables. All played in their school band. One plays three instruments and writes music. All have been to places, against my wishes, that I would fear to tread...rural areas of impoverished countries in Asia, Africa, and central America to donate time and labor, and some $$ for various projects, One participated in an outreach to young girls to try to prevent them from entering prostitution, which I thought was fairly dangerous. Two are homeowners, and they GLADLY took $8,000 from the federal government since the goverment chose to give that away. And they now contribute on their own to their various retirement programs, or I help them out through gifting, which is perfectly legal. And they still do some crazy things which send shivers up my spine, through caving, ice and rock climbing, and white water rafting. So, if you may have been implying that kids may turn out to be lazy sloths and cheats because dad or gramdpa funds their IRA's for them...I'd suggest that teaching them about investing early may have the opposite effect?? Maybe you can get a job working for Ann Landers??
So, if you may have been implying that kids may turn out to be lazy sloths and cheats because dad or gramdpa funds their IRA's for them...I'd suggest that teaching them about investing early may have the opposite effect?? Maybe you can get a job working for Ann Landers?? Maybe you need to learn a little about some long time posters before letting your fingers dance across your keyboard.The poster that you responded to did match her kid's Roth IRA contributions. If you were observant enough, you would have noted that the thread wander toward the pigs get fat, hogs get slaughtered comment.I interpret rad's comment to be that if you fudge on your taxes by paying your kids more than the value of their work, then don't be upset in the future is your kids turn out to be tax cheats. Your kids learn by observing you.
portland state? you may want to use engineering skills to match the thread up.
portland state?you may want to use engineering skills to match the thread up. I did. Since you either don't want to review the board history or did not see the reasoning behind it, here is some assistance.Post 116056 - you start a thread asking about the meaning of hogs get slaughtered in Marti's comment to another poster in the "roth ira for your young kids/grandkids" thread that you started.Post 116058 - you start another thread titled "Roth IRA and household work, last time from me"Post 116060 - after a new thread post on a completely different subject, rad mentions that setting an example is how a kid learns.All of that in a span of four posts. All of the threads were started by you. All of subject matter is related to each other.This was my interpretation: If you want to set a good example for your kids, you will fund an IRA with kid's earnings that are legitimately earned. As for my engineering skills, I'm quite comfortable in their quality. Thankyouverymuch.PSU
portland state?you may want to use engineering skills to match the thread up.Another reply.Before criticizing my skills again in the future, you may want to demonstrate some skills yourself. My educational background has been listed in my TMF profile for years.
demonstrate some skills yourself. My educational background has been listed in my TMF profile for years.listed so long, i thought 'Penn State'...not Portlandnot that there's anything wrong with either
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |