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The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs
The Kid's ROTH IRA Handbook Securing TaxFree Wealth From a Child's First Paycheck or Money Answers for Employed Children Their Parents the SelfEmployed and Entrepreneurs Author:Tracy Foote This book is to be used as a starting point for children and parents. Major Topics include: 1) Money Management: Appreciate the benefits of a Roth IRA — 2) Career Skills: Identify different types of child employment — 3) New Ideas: Discover different ways parents can employ their children — 4) Special Details: Learn how parents can issue Forms W-2 ... more »for their child
5) Introduction to Taxes: Basic tax concepts for children with low earned income
6) Powerful Knowledge: Understand rules for children to contribute to a Roth IRA.
The focus is the unmarried dependent child with no dependents of their own who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the Internal Revenue Service for the current tax year ($5,350 in 2007).
This book can also provide limited guidance for children with incomes outside of this range. However, such children will need to obtain further consultation on different circumstances that will apply to them.
This book covers some very basic ideas but quickly moves into complex issues. We should not presume children will not look at a tax publication but instead be optimistic and provide them with the opportunity and incentive to do so.
With the pace in which the appeal of the internet is growing each day, it is not unreasonable to direct kids to use links or online calculators to project their finances. Children learn quickly, enjoy challenges and think computers are fun. Parents should assist them, guide them, teach them, and set a good example through their own financial behavior.
This book should be used as an interactive guide between parents and children.« less