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Roth IRA for a minor
During 2020 I opened a ROTH IRA for my minor granddaughter. I contributed $1,230 to the IRA, which is what she earned in 2019, as a gift. Do I have to declare this on my federal form, and if how do I do it?
No this is does not go on your federal tax return. This is effectively a gift from you to her and a contribution by her. With such low income she would generally not be required to file a tax return, so she would likely not benefit from reporting the Roth IRA contribution. However, she does need to track her basis in Roth IRA contributions of which her $1,230 contribution is a part.
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