Hi all,
I have an LLC, independent contractor. I have 3 kids ages 5,7,&9.
I would like to start a roth IRA for them. I understand that they need to have income but what would constitute income? Can I hire the 9 yr old as a babysitter or clean my office? Do I need to have her on my LLC payroll? Is 9 Yr old too young to have earned income/job?
What restrictions does the government place on starting a Roth for a child? What proof do I need to satisfy the IRS?
I have an LLC, independent contractor. I have 3 kids ages 5,7,&9.
I would like to start a roth IRA for them. I understand that they need to have income but what would constitute income? Can I hire the 9 yr old as a babysitter or clean my office? Do I need to have her on my LLC payroll? Is 9 Yr old too young to have earned income/job?
What restrictions does the government place on starting a Roth for a child? What proof do I need to satisfy the IRS?
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