What is completely legit is that a young person, Schedule C or W-2 in hand, can open a Roth IRA and fund up to their earnings or the annual maximum, even if the "actual" earnings from the job were spent on cars, clothes and electronics, and Mom and Dad have to replace them from their own funds in order to fill the Roth. It doesn't have to be the same dollars, they just need the earnings to support it, even if the teenager couldn't have realistically afforded to fund the Roth.Thanks for the reality check. I found this on numerous websites, starting with a Fidelity ad and very much wondered how applicable any of this would be. While tempting, it seems questionable at the very least. Appreciate everyone´s input.
Statistics: Posted by Makefile — Tue Dec 24, 2024 1:12 pm