UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next
Author: oliviacw Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: IRA for kids/grandkids Date: 8/19/2003 7:00 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
somebody said....
So I'd need to figure out a way to pay the kids or grandkids (like cleaning up the office and such) the same amount that I'd like to put into a retirement fund for each.

and somebody else replied
I am afraid it is not that easy. There are pretty well-defined guidelines as to what can be considered earned income.

Yes, but if you are paying the children for work that somebody else could legitimately be hired and paid for, and you pay them appropriate wages for the position, then it's ok. So, $10 to mow the lawn, $5 an hour to clean house, and so forth, would be fine.

- Olivia
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement