teetee
Full time employment: Posting here.
- Joined
- Jul 11, 2019
- Messages
- 679
I was reading this article:
https://www.marketwatch.com/story/t...g-your-kid-a-better-idea-than-ever-2018-06-04
And was wondering if I can do something nice for my niece by hiring her and get her to start Roth IRA as young as possible. She is at age 2 now so I have a few years to get things planned out.
My current plan has the following steps:
1. (Me) creat a sole proprietor business and get a tax ID.
2. (Her parents) create a custodian Roth IRA account for her.
3. (Me) pay her $6k/yror whatever the max R.IRA annual contribution is.
4. (Her parents) out the money in her R.IRA account annually.
Is there any issue with this plan?
https://www.marketwatch.com/story/t...g-your-kid-a-better-idea-than-ever-2018-06-04
And was wondering if I can do something nice for my niece by hiring her and get her to start Roth IRA as young as possible. She is at age 2 now so I have a few years to get things planned out.
My current plan has the following steps:
1. (Me) creat a sole proprietor business and get a tax ID.
2. (Her parents) create a custodian Roth IRA account for her.
3. (Me) pay her $6k/yror whatever the max R.IRA annual contribution is.
4. (Her parents) out the money in her R.IRA account annually.
Is there any issue with this plan?