So if I deposited $850 in Roth minor IRA and the cash income was $395 (side gig) - then
- Should I file an Excess Return of IRA to the amount of $455 to ensure that I am putting an amount equal to the child's cash earnings of $395?
- If the child's cash earnings are $395 (being less than $400), the child does not need to file any separate taxes - correct?
- Since Roth minor will show $395 contribution for 2024, does the parent need to report that $ amount as "other income" on parent's taxes?
