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Roth IRA for Minor and filing taxes
My child who was one month short of 16 years on Dec 31, 2020 earned $370 from baby sitting jobs in 2020. There was no other income she earned otherwise; no wages, no interest / dividends etc.
We opened a Minor ROTH IRA for her and she invested all of $370 in it for 2020.
A few Qs:
1. Does she need to file taxes? Or not needed?
2. If yes, does she report it as self employment income?
3. What Income tax form does she need to file and any schedules?
4. Can she file electronically given that she wasn't 16 years by 12/31/2020?
Thanks for your help.
Topics:
‎April 25, 2021
9:01 PM