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Updated about 1 year ago on . Most recent reply

Asim G.'s profile image
Asim G.'s profile image
Asim G.
  • Investor
  • from Tracy, California
  • Member since Aug 29, 2014
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Asim G.'s profile image
Asim G.'s profile image
Asim G.
  • Investor
  • from Tracy, California
  • Member since Aug 29, 2014
Connect
Asim G.
  • Investor
  • Tracy, CA
11
Votes |
48
Posts
Tax, SDIRAs & Cost Segregation

Custodial Roth for Minors

Asim G.
  • Investor
  • Tracy, CA
Posted

Hello,

I have a 9-year-old who helped me with cleaning/power washing a property during turnover. She also helps me with paperwork every once in a while.

I believe I can open a Custodial ROTH for her to pay for the services. Are there any rules of thumb to follow for how much I can contribute? I don't think I can justify her spending enough time to qualify for the annual max of $6000.

Do I also need to issue a 1099 if I pay more than $600 to her for these services. 

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