Get your kid started on the right financial foot with a Roth IRA!
No matter how old your kids are, they can still contribute to their IRAs.
Here is what you need to know about Roth IRA Contribution Basics:
- The only requirement for a child to make an annual Roth IRA contribution is that they have enough earned income during the year. Age doesn’t matter at all in this case!
- If a child earns some cash from working during the summer or after school, they are entitled to make contributions into their Roth IRA.
- For the 2021 and 2022 tax years, your working child can contribute up to $6k in earnings or his/her earned income for that year.
While the same $6,000 contribution limit applies equally to Roth IRAs and traditional IRAs, the Roth option is usually better for kids.
Key Point: Your child’s 2021 taxes deadline is April 15, 2022. You have time to contribute, so don’t miss out!
What are you waiting for? Make your child’s future today by adding some extra cash to their piggy bank!
Book Your Meeting With Us Here!