So what you are saying is, if they make $6000 a year, let’s say, in cash. That is considered self employment. The parents have to report the $6000 and file their kid’s taxes in order to contribute $6000 to the custodial Roth IRA? If kid doesn’t file taxes and report the $6000 as self employment earned income, then the parents cannot contribute $6000 into the custodial Roth IRA? Someone confirm please.
