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Business & farm
1) so if the Return of excess IRA is done to the extent of $425- (to keep the Roth less than $400) ?
(2) No tax need to be filed for minor after excess return (since the contribution can be made only to the level of earned income 800 less 425 = $375 in this case)
(3) still contribute to extent of $375 to minor Roth?
(40 Does minor income less than $400 need to be reported on parent's taxes?
‎February 27, 2025
10:33 AM