the rules say that IRA contributions cannot exceed a minor's earnings, e.g., if a minor earns $1,000, then only $1,000 can be contributed to the account. There's an annual maximum contribution of $5,500 per child. My child doesn't work, but gets allowance. So say I contribute 1k per year, do i need to somehow report the 1k in allowance or tips on my tax return?
