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Old 04-17-2019, 08:27 PM   #41
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Originally Posted by hausfrau View Post
This is a fantastic idea. It never occurred to me to do this. This is something I would like to do too. If a kid has a Roth, does it affect their college financial aid since it's their asset? I don't think we will qualify for aid anyway, so it's probably moot.
Retirement accounts, including Roth IRAs, traditional IRAs, and 401(k)s, are not included at all on the FAFSA. Most schools use FAFSA.

Some schools, mostly highly prestigious ones and selective liberal arts schools, use CSS Profile. CSS Profile may include retirement accounts, I'm not really sure.
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Old 04-17-2019, 08:34 PM   #42
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OK, I see that over $2100 unearned income for those under 18 is taxed. I wasn't thinking about that since my son is older than that.
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Old 04-24-2019, 11:44 AM   #43
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Here's an article on the topic of funding a child's Roth account with "chore" money:


https://www.marottaonmoney.com/fund-...-chore-income/
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Old 04-24-2019, 12:09 PM   #44
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Here's an article on the topic of funding a child's Roth account with "chore" money:


https://www.marottaonmoney.com/fund-...-chore-income/
Interesting! This part was really helpful, as we had been discussing it in this thread and it still wasn't clear:

Quote:
...the money that is contributed does not need to be the very same money they earned. Unlike a 401(k) plan, which requires salary deferrals in order to fund, you or anyone else can fund your Roth IRA with any money.
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