All Forum Posts by: Joey Cassera

Does anybody know what those extreme limited circumstances are?

I know there are children that earn income that are infants that model and even 7 year olds such as Ryan from YouTube who earns millions per year.

I'm sure modeling and making YouTube videos are not the only two circumstances.

Again I'm not looking for loopholes.. Rather legitimate ways that children can earn income according to the government.

  He already has a piggy bank and we already give him allowance. I dont want it to be an investment account, I already have one. I want a retirement account opened for him. Specifically a Roth that doubles as his college fund if he chooses to go to an expensive college. 

It's not over complicating...either it can be done or not. Who wouldnt want to open a restrictive retirement account for their kids at this young age?

I am looking to hire my 7yo son as a household employee. Mainly Supervising his 2 year old sister while were home so we can complete tasks such as cooking and laundry.

I do not own a business. Am I able to do this outside of an LLC and just personally pay him for tasks (outside of chores)

I want to open up a Roth IRA for him and him be able to put his wages into it. Eventually also make it self directed and become partners in an LLC with both my wife and I's Roth IRA's to purchase real estate for rentals. But I know a child needs to have Income to open a Roth.