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#6976 |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $736899
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Posts: 52,210
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#6977 | |
Veteran
Join Date: Dec 2018
Casino cash: $7670400
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Quote:
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Posts: 1,075
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#6978 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $1024734
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Posts: 57,552
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#6979 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $1024734
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Posts: 57,552
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#6980 |
Indian Twitter
Join Date: Nov 2000
Location: Free Agency
Casino cash: $356198
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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.
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[/SIGPIC] |
Posts: 15,304
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#6981 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $440477
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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
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Posts: 40,721
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#6982 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $1024734
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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.
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Posts: 57,552
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#6983 |
MVP
Join Date: Aug 2000
Location: Lee's Summit
Casino cash: $4821637
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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: 8,287
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#6984 |
Just a li'l Evel
Join Date: Sep 2005
Location: Bald. Goatee. Jorts.
Casino cash: $4349601
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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.
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Posts: 11,887
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#6985 |
Banned
Join Date: Jan 2013
Casino cash: $9998560
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How old are your kids? Yikes!
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Posts: 53,803
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#6986 | |
Beloved & Awesome CP Celebrity
Join Date: Aug 2000
Location: Florida
Casino cash: $6674952
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Quote:
I found this https://www.fidelity.com/retirement-ira/roth-ira-kids But the child still has to have earned income.
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Posts: 35,698
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#6987 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
Casino cash: $998244
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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
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Posts: 34,766
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#6988 | |
MVP
Join Date: Aug 2000
Location: Lee's Summit
Casino cash: $4821637
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Quote:
Win-win for all. Sent from my SM-G973U using Tapatalk |
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Posts: 8,287
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#6989 | |
Beloved & Awesome CP Celebrity
Join Date: Aug 2000
Location: Florida
Casino cash: $6674952
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Quote:
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.
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Posts: 35,698
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#6990 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
Casino cash: $1481110
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Markets gonna roll over today
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"The only difference between sex for free and sex for money is that sex for free costs you a WHOLE LOT more!" ~Redd Foxx~ ![]() "The men who drafted Patrick Mahomes" ![]() |
Posts: 51,583
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