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Get your taxes done using TurboTax
Yes, a minor can have a Roth IRA and as Bsch4477 said, self- employment income may be subject to self-employment tax. However, there are special rules when you pay your children through your business. You MUST keep accurate records of what work they did and how much you are paying them for, especially if they are under the filing thresholds for self-employment and/or income taxes.
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‎April 1, 2025
9:57 AM