If you have high school or college students who are working and earning taxable income, you can contribute to a Roth IRA for them. The limit is the lesser of $6,000 and their taxable comp for the year. So, for instance, my 19-year-old earned $4,000 at her jobs in 2020, so my wife and I will put this amount into her Roth before 4/15/2021. Great way to start building a nest egg for a responsible kid.
Submitted January 17, 2021 at 08:37PM by joeshoe70 https://ift.tt/3nUh1L4
