I just realized that minors could have their own roth ira accounts as long as they earn the money themselves.
My son is 15 now. He was mowing and shoveling last a few years. I started to pay him 20 since last year at his request. Much cheaper than outside help, . In my understanding, this kind of work is counted as his earning.
Dose any one have the experience to have ira for their kids? how do you document the kids earning for IRS?
My son is 15 now. He was mowing and shoveling last a few years. I started to pay him 20 since last year at his request. Much cheaper than outside help, . In my understanding, this kind of work is counted as his earning.
Dose any one have the experience to have ira for their kids? how do you document the kids earning for IRS?