CAN MY CHILD OPEN AN IRA WITH THE MONEY EARNED FROM DOING CHORES At HOME ?

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CAN MY CHILD OPEN AN IRA WITH THE MONEY EARNED FROM DOING CHORES At HOME ?

2007-02-22 15:58:03 · 3 answers · asked by PLUS . MINUS 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

Only if your child works for your business. Money you give your child for chores at home isn't considered earned income by the IRS for tax purposes or for making contributions to an IRA.

2007-02-22 16:04:32 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋

Your child can open account with you as cosigner with $10-25 at any bank. I started an account for my children with $20 and I put $10 in as often as I can. My youngest is 10 going on 11 yrs. old. I don't think they are called IRAs' though. I believe they are called COD accounts.

2007-02-23 00:18:30 · answer #2 · answered by no.#1 Mom 4 · 0⤊ 2⤋

No.

2007-02-23 07:35:01 · answer #3 · answered by mrfoxhorn 5 · 0⤊ 0⤋