Money Investing megathread extravaganza - Page 465

**DaFace** · 06:35 PM

A place to talk about investing stuff.

**Buehler445** · 01-31-2021, 09:17 AM

Quote:

Originally Posted by DaKCMan AP

Your 3 and 7 year old have earned income?

****. Forgot about that rule.

**Buehler445** · 01-31-2021, 09:18 AM

Quote:

Originally Posted by DaFace

I could be wrong, but I THINK that's true of 529s broadly, so dig into Kansas's program as well. If so, you'll almost certainly be better off taking advantage of the state tax savings.

I’ll look but I don’t think so. Because Kansas.

philfree · 01-31-2021, 09:19 AM

When my dad passed away 4 years ago I inherited a portion of an IRA he had. I'm pretty sure it was in his trust. Maybe you could go a similar route. I owe no tax unless I take money out of it which I'm supposed to take a certain amount out every year and it's taxed. People here know a lot more than I do but it's something you could look into.

Hog's Gone Fishin · 01-31-2021, 09:33 AM

Can't you just get it into an ETF to start compounding until you decide. Then you can roll it into a Roth or a 529 when they start working

**Buehler445** · 01-31-2021, 10:30 AM

Quote:

Originally Posted by Hog's Gone Fishin

Can't you just get it into an ETF to start compounding until you decide. Then you can roll it into a Roth or a 529 when they start working

That's probably what I'll do. If I roll it into a Roth, I'll have to pay attention to the tax for the varmints for the year.

wutamess · 01-31-2021, 03:10 PM

Fidelity has a kids ROTH IRA that doesn't have to have earned income. I started one for all four of my kids last month. They're putting their birthday, Christmas $, etc into it.

Fidelity specifically states you don't have to have earned income as long as it makes a sense. Now the kids are coming up with $20 here and there wanting to invest it in their accounts and watch it grow.

The ROTH IRA has to be transferred to them on on their 18th bd.

**TinyEvel** · 01-31-2021, 03:34 PM

We started a 529 plan for our kids in 200 and 2002. They’ve gained about 50% on the steady inputs over 18 years. They’re in college now and paying all the costs from that account sure feels good.

eDave · 01-31-2021, 03:49 PM

How old are your kids? Yikes!

**DaKCMan AP** · 01-31-2021, 04:54 PM

Quote:

Originally Posted by wutamess

Fidelity has a kids ROTH IRA that doesn't have to have earned income. I started one for all four of my kids last month. They're putting their birthday, Christmas $, etc into it.

Fidelity specifically states you don't have to have earned income as long as it makes a sense. Now the kids are coming up with $20 here and there wanting to invest it in their accounts and watch it grow.

The ROTH IRA has to be transferred to them on on their 18th bd.

Link?

I found this https://www.fidelity.com/retirement-ira/roth-ira-kids

But the child still has to have earned income.

KCUnited · 01-31-2021, 06:19 PM

This why I hire my kid to be my financial advisor so I can then invest their income into a Roth IRA that they advised me about. Win/win

wutamess · 01-31-2021, 08:27 PM

Quote:

Originally Posted by DaKCMan AP

Link?

I found this https://www.fidelity.com/retirement-ira/roth-ira-kids

But the child still has to have earned income.

I knew I was treading lightly. That's true but the way I understood it was they don't have to file taxes so just keep records of the income they made.

Win-win for all.

Sent from my SM-G973U using Tapatalk

**DaKCMan AP** · 02-01-2021, 06:20 AM

Quote:

Originally Posted by wutamess

I knew I was treading lightly. That's true but the way I understood it was they don't have to file taxes so just keep records of the income they made.

Win-win for all.

Sent from my SM-G973U using Tapatalk

Correct that a dependent minor doesn't have to file taxes unless they earn more than 12.4k.

For those interested, allowance does not count as earned income. Earned income is defined by the IRS as money earned from a W-2 job, or from self-employment like babysitting.

scho63 · 02-01-2021, 08:52 AM

Markets gonna roll over today

**lewdog** · 02-01-2021, 09:24 AM

Quote:

Originally Posted by scho63

Markets gonna roll over today

Nah.

Hasn’t even tested 100 day MA yet.

scho63 · 02-01-2021, 09:38 AM

Quote:

Originally Posted by lewdog

Nah.

Hasn’t even tested 100 day MA yet.

I don't see it as a technical trading fail as much as too much fluff in the market.

06-27-2016, 11:23 AM
DaFace Kind of a mod Join Date: Aug 2005 Location: Donkey Land Casino cash: $66899	Investing megathread extravaganza A place to talk about investing stuff. Last edited by DaFace; 02-19-2021 at 06:35 PM..
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01-31-2021, 09:19 AM	#6963
philfree Indian Twitter Join Date: Nov 2000 Location: Free Agency Casino cash: $-303802	When my dad passed away 4 years ago I inherited a portion of an IRA he had. I'm pretty sure it was in his trust. Maybe you could go a similar route. I owe no tax unless I take money out of it which I'm supposed to take a certain amount out every year and it's taxed. People here know a lot more than I do but it's something you could look into. __________________ [/SIGPIC]
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01-31-2021, 09:33 AM	#6964
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-129523	Can't you just get it into an ETF to start compounding until you decide. Then you can roll it into a Roth or a 529 when they start working
Posts: 40,646

01-31-2021, 03:10 PM	#6966
wutamess MVP Join Date: Aug 2000 Location: Lee's Summit Casino cash: $4721637	Fidelity has a kids ROTH IRA that doesn't have to have earned income. I started one for all four of my kids last month. They're putting their birthday, Christmas $, etc into it. Fidelity specifically states you don't have to have earned income as long as it makes a sense. Now the kids are coming up with $20 here and there wanting to invest it in their accounts and watch it grow. The ROTH IRA has to be transferred to them on on their 18th bd.
Posts: 8,290

01-31-2021, 03:34 PM	#6967
TinyEvel Just a li'l Evel Join Date: Sep 2005 Location: Bald. Goatee. Jorts. Casino cash: $3709601	We started a 529 plan for our kids in 200 and 2002. They’ve gained about 50% on the steady inputs over 18 years. They’re in college now and paying all the costs from that account sure feels good.
Posts: 12,026

01-31-2021, 03:49 PM	#6968
eDave Banned Join Date: Jan 2013 Casino cash: $9998560	How old are your kids? Yikes!
Posts: 53,803

01-31-2021, 06:19 PM	#6970
KCUnited Cheat Death Join Date: Nov 2007 Location: Land of Drincoln Casino cash: $328244	This why I hire my kid to be my financial advisor so I can then invest their income into a Roth IRA that they advised me about. Win/win
Posts: 35,532	1 0

02-01-2021, 08:52 AM	#6973
scho63 Politically Incorrect Join Date: Feb 2009 Location: Scottsdale, AZ Casino cash: $811110	Markets gonna roll over today __________________ *"The only difference between sex for free and sex for money is that sex for free costs you a WHOLE LOT more!"* ~Redd Foxx~ ~~2018 2019 2020 20212022 2023~~ 2024 Adopt a Chief - Clark Hunt and Brett Veach "The men who drafted Patrick Mahomes"
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