dimmi0205
Returning Member

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?