Retirement tax questions

It says “match” here also

 

www.marottaonmoney.com/fund-your-childs-roth-with-chore-income/

 

 

Roth IRA Funding

“Once your child has earned the income, then your child is eligible for an amount of Roth IRA funding. There are many ways for you to get money into the Roth account.

First, the money that is contributed does not need to be the very same money they earned. Unlike a 401(k) plan, which requires salary deferrals in order to fund, you or anyone else can fund your Roth IRA with any money.

The child can contribute. Parents can contribute. Grandparents can contribute. A random friend can contribute. The only hitch is that you are limited in how much you can contribute up to their earned income or this year’s IRA contribution limit whichever is smaller.

If you want to maximize the amount that is put in while still giving the child a choice, one clever suggestion is that you or a grandparent could offer a Roth contribution match as gift. For example, every dollar the child contributes, you promise to also contribute one dollar. In this way, the child can save half of all their earnings as spending money while still getting the full allowable amount into their Roth IRA to grow tax-free.”

 

So yes you can match what the child earns.  They earn $1500, you can match $1500 and contribute $3000 total.  Unless I’m totally misunderstanding and it’s only $1500.