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Understanding earned income reporting rules for custodial Roth IRA limits
A child under the age of 18 has earned income doing small jobs and tasks. They make about $7000 a year all paid in cash. Parents will match $7000 into custodial Roth IRA for the year.
And according to these two article, if the earned income is less than $14,600 a year for 2024, the kid does NOT have to file taxes?
So confirming the kid doesn’t have to file taxes since it is under $14,600 and in cash. Parents can contribute $7000 into custodial Roth IRA?
January 20, 2025
8:25 AM