Space Mountain
Recycles dryer sheets
- Joined
- Jul 16, 2007
- Messages
- 51
I want my 17 year old niece to open up her 1st ROTH. She earned a little over 3K (taxable) in 2011.
Here's the problem:
Her father is a selfish jackass who ONLY thinks of himself. His wife (my sister) whom I've tried discussing this with is afraid to broach the subject with him because of impending arguments. (She's tried in the past and fights ensued)
My questions are:
1. Can I open the ROTH with/for my niece and fund the ROTH? I know taxes must be paid by April 15th when filing taxes. Problem is, my niece must file under her parents, correct? Any way around this or WITHOUT parents finding out?
2. Have any of you encountered this issue with family members and face resistance? My bro-in-law believes this would be an issue with FAFSA in terms of college. I called Vanguard and researched on-line as well and both claim ROTHS are NOT viewed as "touchable" savings/investments for college. In other words, this should NOT be an issue, technically speaking.
Sometimes I just wanna choke these folks that don't get it!!!
3K compounded over 40-50 years can REALLY add up!!!
Thanks, all!!
Space Mountain
Here's the problem:
Her father is a selfish jackass who ONLY thinks of himself. His wife (my sister) whom I've tried discussing this with is afraid to broach the subject with him because of impending arguments. (She's tried in the past and fights ensued)
My questions are:
1. Can I open the ROTH with/for my niece and fund the ROTH? I know taxes must be paid by April 15th when filing taxes. Problem is, my niece must file under her parents, correct? Any way around this or WITHOUT parents finding out?
2. Have any of you encountered this issue with family members and face resistance? My bro-in-law believes this would be an issue with FAFSA in terms of college. I called Vanguard and researched on-line as well and both claim ROTHS are NOT viewed as "touchable" savings/investments for college. In other words, this should NOT be an issue, technically speaking.
Sometimes I just wanna choke these folks that don't get it!!!
3K compounded over 40-50 years can REALLY add up!!!
Thanks, all!!
Space Mountain