Aiming_4_55
Thinks s/he gets paid by the post
Last minute thought for 2022 - IRA or Roth for my son, age 15. Should I open a IRA and then back door it into a Roth?
Well, I didn't think he was going to make and save enough $$ in his first part time job, but he did. He earned about $7k this year and has $4k left. Spent $3k, part on a gaming laptop that we would not buy for him.
If he puts $3k into a Vanguard retirement account that I open today, I said I would match it. He is open to the idea of not touching it for many years.
Family tax impact, MFJ in a high tax bracket. He is a claimed as dependent. Because of this, should I open a IRA and then back door it into a Roth? TIA
Well, I didn't think he was going to make and save enough $$ in his first part time job, but he did. He earned about $7k this year and has $4k left. Spent $3k, part on a gaming laptop that we would not buy for him.
If he puts $3k into a Vanguard retirement account that I open today, I said I would match it. He is open to the idea of not touching it for many years.
Family tax impact, MFJ in a high tax bracket. He is a claimed as dependent. Because of this, should I open a IRA and then back door it into a Roth? TIA