Archive - November 28, 2009

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Open a Roth IRA for Your Child

Open a Roth IRA for Your Child

Nov 28 2009
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Jim Blankenship, CFP®, EA

Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP professional and has earned the Enrolled Agent designation, a designation that qualifies him as enrolled to practice before the IRS. Jim is also a NAPFA-registered financial advisor, which designates him as a Fee-Only Financial Advisor.

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All posts from Jim Blankenship, CFP®, EA
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Here’s a very good idea to consider – if you have a teenager who has a part-time job, rather than putting those earnings solely into a savings account (or worse, a car), open a Roth IRA.  The money contributed to this account will mostly be tax free, since the first $5,700 (2009 figures) of earned income is not taxed for a single filer that is a dependent of another.Open a Roth IRA for Your Child Since contributions to the Roth IRA are “after tax”, the first $5,000 earned (for 2009 and 2010) and the future earnings on that income will never be taxed if contributed to… Read More

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