The IRS dictates not only how much money you can deposit in a Roth IRA but also the type of money that you can deposit. Basically, you can contribute only income you earn to a Roth IRA.10This means that your child must have earned income during the year for which a contribution is ma...
The article responds to a reader who is considering opening a Roth IRA for his daughter, in her name. You can indeed open a Roth IRA in your daughter's name, as long as she ...
Parents and grandparents can open a Roth IRA for a child and make contributions — as long as the child is of working age, has earned income (from a job), and their income level makes them eligible to contribute. It “gets tricky, b...
"We're providing people knowledge about [their] finances as it's relevant," Hogan said. "You can talk all day long about Roth IRA and backdoor Roths and this, that and the other thing. But unless it's specifically relevant to that person at that time, they're ...
as your net tax after the child care credit is $135. If you had not had the child care credit, you would have been eligible for a Saver’s Credit equal to 50% of your contributions, or $750 – but since your tax is less (at $635), your Saver’s Credit is limited to $635, ...
If I had it to do over I would have front loaded more emergency cash savings before a downturn to include six months to a year of all expenses including employer paid perks plus full deductibles for all insurance plans and something for child care. During the Great Recession I neglected my...
"We're providing people knowledge about [their] finances as it's relevant," Hogan said. "You can talk all day long about Roth IRA and backdoor Roths and this, that and the other thing. But unless it's specifically relevant to that person at that time...