Custodial Roth IRA for Your Child? Good Idea?
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- Опубліковано 17 жов 2020
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Thanks for watching everyone! If you found this video interesting, be sure to give this video a LIKE. I appreciate the support! Also check out my video about using a parent's Roth IRA to fund a child's higher education costs. ua-cam.com/video/nVEQzt6zLHg/v-deo.html
Hey Jake, after my child hits 18 years old, can I still contribute into their Roth until they retire?
If I am looking at this right at 17yrs you the parent could pull their contributions out and leave just the growth to that point and put contributions somewhere safe during rebellious years?
parents retain all control of account within the rules till 18?
@@HaiNguyen-hs1kw my children are 39 & 40 and I fund their Roths, but they are reminded not to add any more to the accounts as the penalties for over contributing are severe unless quickly corrected.
@@CheZfrmdaWestWisc as the guardian of the account, sure it's possible to remove the contributions prior to their 18th birthday. Some brokerages have amounts that need to be in the account to avoid their brokerage fee. Might be easier to just hide the account information and it can grow as they mature. Hopefully they are mature by 59-1/2(lol)!
Excellent video! Not many people know about this. Since my daughter was old enough to walk she collects coke cans. I drive her to a recycling center to turn them in and throw it into her Roth IRA. Aluminum is a metal you don’t need a drivers license to be paid.
Thanks again brother! Keep it coming! I enjoy your videos
Thanks so much for the support Walter! I appreciate it for sure. Cheers!
Jake your an excellent teacher. The time you started your retirement will be okay because you know how everything works. Your UA-cam channel will explode simply because of how honest, informative, and educational you are and that alone will make you a to-go-guy in these areas.
Thanks Sean! I am doing my best to help others learn what I wish someone had taught me 15 years ago. But it is never too late to learn good finance and investing principles. Cheers!
I just opened kid IRA through fidelity today. Started at 15 years old so she’ll be much better off then I. Thanks for this reassurance vid.
is your retirement fully funded?
Is there a way around a child having to have earned income?
Can a parent pay their kid for a job they don’t do?
@@zionkimura626 no parent can't pay a kid without some sort of actual business; however you can can that they did baby sitting for an aunt...and keep the amount under the radar
@@zionkimura626 there is always a loophole! One example is you as a parent can hire your child to do chores. Who’s going to know? Pay your kid $25-100 a month as long it’s under the standard deduction. I believe it’s $15-16k.
Amazing knowledge!!! Thank you so much for sharing
Awesome advice! Definitely going to start one for my daughter in another few years!
Nice! She'll really appreciate it some day!
This was great, thank you!
This was an excellent video Jake! Thanks for the great content. 👍🏼
Thanks for watching Michael! Cheers!
I love this. You can give your child a jump start in life.
It's pretty amazing, right?!
@@JakeBroe yo Jake what of Ur kid supports the IRA and thinks it's there country?
@@JakeBroe ???
Good explanation, a lot of channels are talking and are not explaining the concepts. Thanks Jake
Thanks for a great video 👍
Thanks James! I appreciate the comment. Cheers!
Thank you brother for sharing the knowledge. I am new to your channel. I am active duty and more concerned about my retirement.
Hey Nana! Welcome to the channel, I am glad to have you with us! I have got lots of great videos about the government TSP and setting up a private IRA with either Vanguard, Fidelity, or Schwab. If you ever have a question, leave a separate comment on a video and I'll get back to you!
Thank you!
This was extremely informative. Other videos didn't explain if you have to file an income tax or to invest in s&p500. Thank you so much!
Awesome. So I can help them with years of compound interest and get them ahead!
Yep! Get them young and time is on their side. Cheers Sal!
Great video senor thanks 🙏
Really good video
Just opened up a custodial account buying swppx, going to convert it to roth for my 10 month old. Thank you!
super great!!!!!! Thank you so much! i just wanted to show my friend what she can do for her kids with stocks and how to start teaching them paper stock trading, and found your video, which was a pleasant shocker bc/i didnt know kids can have roth IRA which i am a huge fan of and always preach that everyone should have one because its the greatest wealth creation tool! This is so cool, when i will have grandkids, i will definitely monetize their appearance into this world somehow and make this beautiful gift for each one. A Huge THANK YOU again!!!!
You are welcome Ana! Cheers!
@@JakeBroe 🥂cheers!
Great Video
Thanks Joe!
Don't forget that even though the small amounts a young person might earn will not be enough to need to pay federal income tax there are two other issues to consider. Most situations with young people doing the things you suggest would be considered self-employment and would be required to pay self-employment tax (equivalent of Social Security/FICA for people with paychecks) if earning $433 or more. The other issue is that depending on where you live state income tax may be required at lower income thresholds than federal income tax.
Hey Mike! Yeah, I was wondering that about self-employment taxes if kids file taxes and report income below the standard deduction. That makes sense that they would have to if they are operating as a sole-proprietor. And yeah, some states might incur state income tax if a kid admitted they made money walking dogs or shoveling snow. Very interesting...
Hang in there,,,,I started in my thirty's and now 61 and with over 2 mil in my investments
IRA/401k/Reg
Awesome!!
Going to keep this in mind when my kids are older! Right now they are 4/5 and my family always asks I they have their own bank accounts. I think it's strange to have a savings account so young. I know growing up, savings bonds were a big thing, but we actually have been putting money in a CD for our kids. I guess this could be used towards what we match or contribute to their Roth IRA when they start having income.
Yep! I feel like just opening a savings account or buying savings bonds just isn't good enough today. That made sense in the 1970s when interest rates hit 14%, but now they are less than 1%. If you think your kids will be attending college some day, you can always have family members contribute to an ESA and just tell your children that is "their money for college."
Don't wait. My parents started custodial investment accounts when each grandchild was born (2 of them are mine). In NJ, the age in which the custodian must turn over to the child is 21. I like this much better than 18. Anyway, each Christmas and birthday they put $200 into each child's account. My older child took 25% ($4000) out at age 18 toward college, only attended one semester, and by age 21 it still had close to $18,000. He used it to pay off a student loan, open a Roth IRA, and then fund a regular investment account. He is close to 24 now and adds to it often and has close to $30,000 saved. Our younger son will be 21 in spring. His accounts had the benefit of the last several years being high growth and his are over $21,000 now and he still has several months until he is 21. He recently paid off his car and loves to save $. He was not always this way. Before he ever had a FT job, he would spend every penny he could and piss it away on stupid stuff. Once he started saving for his beloved car, he realized how fast it grows and this has turned him into a saver. I never thought I'd see that!
Anyway, forget a regular savings account that earns a teensy amount of interest. Invest in a Vanguard mutual fund and you will be amazed how fast it grows. No, I don't work for Vanguard but have been a customer for years.
@@pb577 thanks for sharing your information. Mu c h appreciated. Shall I pay my kid for.mowing lawn , taking care of younger siblings etc?. Do we need to document like receipt or something ?. Thanks
Hi Jake.
I’m following all your videos and every sentence is a point in my to do list. My question is Would a custodial brokerage earnings for a child count as earned income and could be put in custodial roth?
Thanks in advance
Hey Jake, I want to know if you can explain stock options using Charles Schwab? Thanks buddy and keep up the excellent work.
Hey Cedric! I am planning to make this video series. It's all too much for a single video, so I am planning on making a series of 6 videos of 6 or so to explain trading options. It's coming soon!
@@JakeBroe Thanks, I tried to watch another guy talk about options, it was an hour and a half long video that I couldn't get through. I know you would be better at it.
fidelity is hot
Awesome video Jake! I was curious to know, why would there not be a tax or penalty to pay after withdrawing contributions and its growth before the age of 59?
With any Roth IRA, you can pull out previous years' contributions without penalty. You can't pull out the growth, but you can pull out the contributions. That's just how they are written since your contributions have already been taxed.
Thanks for that prompt response. I guess @11:40 is what confused me. Thanks again for clarifying.
Thanks for the insight. Good stuff! I have been giving some thought on this, and there is a piece of puzzle not clear to me. Would there be a potential double tax to the money that I "helped" my kid? My understanding is this. Let's say I set up a roth ira for my kid and paid him 2k/yr for cutting grass and fix things around the house. This is his earned income and less than the standard deduction, so he does not have to pay income tax and can save all into the roth ira. BUT there seems to have a self employment tax that need to be paid from this $2k. This case, my after-tax money that I paid to the kid would be taxed again. Would you let me know if my understanding is correct or not? I looked up the IRS, one way to avoid the self-employment tax is simply have less than $400/yr earned income which does not seem to help a lot.
Yes and no... If you used personal income (that you paid taxes on) to pay your child for cutting the grass, you need to generate a W-2 for your child so they can report that income (and pay fica taxes). This doesn't make sense because if you were a sole proprietor, then income you paid your child would be BEFORE taxes. Small businesses are not taxed on what they pay employees (other than fica taxes). But if you are just using your job income to pay your child, then yes, everything is getting taxed twice.
Good video! I like the caveat if you trust them. At 18, not all children should be trusted😢
For sure... it all depends on the kid I guess, lol. Unfortunately parents had difficulty objectively evaluating their own children. Tough call!
I s’pose it doesn’t say you need to *tell them about the account right away..
So if your child is mowing lawn, in order to show earned income, they have to pay FICA, about 15.3% then file a tax return. In addition, now that they are considered a sole proprietor, wouldn't we as parents LOSE THE ABILITY to deduct them as a dependent on our taxes?? If so, then it's not worth it...paying SS & medicare PLUS losing them as a dependent. Is this correct??
i have a minor child that i started giving house chores like folding his own launry, pickup leaves in fall season, water plants in spring, does lemonade stand, empty garbage can in his room etc... So far he has save total of about little over $5k. I didn't know anything for having IRA Roth account for a minor until this wk.
My question is what do I need to proof the IRS how he earned the money ? Thank you!
Hey Karma! Your child can file taxes and claim to be a sole proprietor and report his income doing all those activities. Anything under $12,400 and he won't pay federal income tax. The downside is he will have to pay self-employment tax (social security and Medicare), but if he does, then he has proof on income and can contribute to a Roth IRA.
@@JakeBroe you cant just claim self emplyeement because the rules for self employeement means that no one can dictate what, how, or when to do your job, hence you dont have a boss. IRS has definitions and examples to follow, so a mother -child relationship doesnt pass because no one is filing taxes, atleast 1 party has to file taxes as a business, either the parent who actually ownes a business and the child operates as an employee or the child has to own a business
Thank you so much Jake for this video. My oldest is 6 years old but we want to give them a head start. They don't have income at this time for me to open a Roth IRA. What other options are there?
Hey Kalatou! You should consider opening a 529 account for their education costs. Tax free growth and investments in such an account.
🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
That was very helpful. I grew up with no financial literacy and in sec 8 housing. I have a great job with a pension now and I want to plan for my 2 year olds success. Do you think doing a custodial AND a Roth is a good idea? One for retirement for him, and one for that down payment on a house and/or college is a solid idea?
Thank you brother, just had my 6 month old son and I can imagine what I can do for him starting now.
You are very welcome Frisco! Congrats on the birth of your son!
Earned income at 6mo ?
that could be hard to prove, may require a broad interpretation of "earned"
provided the babies not a model actor, or test subject something like that?
does the little person have a job in mind i wonder?
@1 I mean the money in the account by rule has to be earned come by the child it will be hard to show that a 1/2y/o earned any of the contributions
My parents pay my 13 year old to cut the lawn every few weeks. Someone told me to look into a Roth IRA for him. I started late with my Roth IRA In my mid-30s but want to make sure he gets a head start!
Solid plan Rachel! I like it!
Hi Jake, Thanks for your video. It is very helpful. However, I found more information about withdrawing from Roth IRA. Although we can take a penalty-free withdrawal from a Roth IRA to pay for college, the entire amount we withdraw will count as untaxed income on a subsequent FAFSA.
Hey Helen! This is true, which is why you might want to wait until your child's sophmore or junior year to do it. Or just take out all the loans you need, get financial aid if you can, then repay the student loans with your Roth IRA after your child graduates.
Gave you a thumbs up. Can i open kids roth ira for my 3 years old? Do we need to report any income/benefits on my tax returns since i claim him as dependent. Please let me know. Thanks
If your saying my 20% plus per year is only achievable by following the S & P 500 you’d be mistaken. Good video tho, I’m looking to get all of my kids into Roth’s by the time they are 10
Review ASAN stock
Hi there will this roth ira have to be reported in the fafsa when they apply for college ? thank you
thank you i already open for my kid 15 years old but i do not know i need to file dependent tax for her or not ?
just FYI, the first time home owner withdrawal is only up to 10K..
Just started one for my son...he's two
Whoa! Lucky kid!
They can pull it out to pay for education/ college?
My daughter just turn 14 last month would you recommend I open the custodial roth IRA? The only money she makes right now is by doing shores? On a monthly basis how much money would I have to be putting in the account? Thank you
Hey Betty! Your daughter has to file a tax return and show proof of earned income for you to be able to contribute to her Roth IRA on her behalf. It's slightly more complicated that just paying her for doing chores.
FNILX or SWPPX are great choices for a teenager Roth IRA.
Hey Mr. Berry! I agree, both of those are good options! Cheers!
Jake, Thanks for the video. Wanted to run an idea by you and see if my plan is sound. If myself or my in-laws gifted my two children money at birth and I have it in joint checking accounts in their names and then they use their money to partner with me in a side woodworking business that is set up to split profits 3 ways, they can consider that profit earned income even though they had no labor involved but were investors in said business correct? The reason I ask is because as I research and asked my advisor the main problem I see people running into is "Valid Earned Income" labor laws, fair compensation for household work and so on. But if they simply invest in my woodworking business, have all of the paperwork to prove it, and submit self employment taxes, then if my weekend woodworking shop profits 18k each year then they can max out their Roths even at 1 year old correct?
hope that makes sense and please let me know if you have any questions or need clarification in any of that. Thanks again.
So say they do want to use it to make a down payment on a house. Can they withdraw the contributions and the growth before they’re 60?
Does this count against them for FAFSA/Financial aid purposes ?
Can you outline the difference between a Custodial Roth IRA and a Custodial account (UGMA/UTMA) with Fidelity?
I am 25 & my son is 3 I want to do this for him! Is it a good idea to start now or is it too soon?
Hi Jake. Which is better for child. A custodial Roth IRA or custodial brokerage account with S&P 500 index fund?
It depends if the child wants to use this money before the age of 60 or not. If you want this money for their retirement, then a Roth IRA. If you want it for anything else (college, home buying, wedding), then maybe an ordinary brokerage account is better.
One of my daughters refuses to learn how to drive and has zero interest in owning a car - seems like a growing trend among her phone and gaming addicted peers. Less stress for me and allows me to put money into a Roth for her instead of helping with a car and insurance.
Seems like a plan madcow! Cheers!
i wouldn't blame it on her phone. one of my girls doesn't want to drive either. She walks to work and uses public transportation for college.
Can the contributions to a child IRA be written off in taxes as a gift like with a 529?
Can we max out the maximum annual ?
I guess if you open up an account for your kid the pressure is on to raise someone who is financially responsible. I can see offering to help the kid out by "matching" money they put in. But I really wonder how much someone at 15 will be and to comprehend the value of that. Not because they're stupid or anything, just because they don't have to worry about things like rent yet so it's hard to know how much money it actually takes to be an adult living on their own.
I don't know. Personally I would rather just let the kid be a kid and worry about kid stuff. But if I was financially secure enough and my kid had ANY earned income at all, I think I would create this account when they are 15 and just tell them I was trying to help them buy their first home in 10 years. I have zero expectations that when my kid is 18/19/20/21 and in college that they will care they have this and want to be putting any of their money in it.
We just opened a Roth for our 14 and 16 year old. They’re financial habits we’re trying to teach them while they’re young that no one taught us until we learned on our own in our mid-30s. They have been 100% involved and have asked really good questions. They always surprise us.
Thanks for a great video Jake! Have a question about contributions. You mentioned as the parent I can contribute $6000/year even if my child does not earn that much in a part-time job? What if he does chores around the house?
Hey Christian! Your child has to file taxes and prove he had earned income in order to be legally eligible to contribute to an IRA.
Can we use their portion of the stimulus to fund an IRA?
Hey Jay! No, I don't think you could. It is still not earned income by the child.
Any tax implications for the parents?
if my daughter purchases a gumball vending machine and puts it in a location that generates revenue would that count as earned income?
Does the child Roth IRA count in the college financial aid application?
Hey Felipe! No, it does not. Retirement accounts are not reported on a FAFSA.
Also can I just put the car money for my child ,instead of them working ?
Thank you so much! Would that be ridiculous to pay my 6 year old for about $20 a week for doing the dishes and cleaning her room? If I'm paying her as income, am I violating any child labor laws?
Hey John! If you have a business, you can pay your children money for small tasks (like cleaning). But you child has to file taxes to claim income and you have to generate a W-2 before you child is actually eligible to contribute to their own Roth IRA.
@@JakeBroe Thank you!
When the child turns 18 , does it get Cash/stocks…? Can you let me know… Thnxz
My friend, a foreigner can do IRA in US?
Hey Julio, this depends if you are a resident or not. I would go on the website for either Fidelity or Schwab and talk to a chat representative about your specific situation.
Jake, i thought 7% when inflation is accounted for is pretty accurate, no? Even slightly optimistic
So what's better, a roth ira for a child or just contribute to your own roth ira? I have no idea about investment. Can you do a roth ira as a joint married account, or do you need a separate account for each?
I think it is better to just max out your own Roth IRA, then help your child should they need it down the road. If you are married, you and your spouse can and should have separate IRAs that each have their own $6,000 contribution limit per year.
Hey Jake, I'm currently 12, I Help My Mom Invest In Stocks And Pick The Right Cards For Cash-Back And Earn A Commission That I Could Max Out This Account With, And I Was Wondering If That Commission Could Count As Income Towards This Account
Hey Jaden! No, credit card rewards are not taxed and do not count as income. Sorry!
If you’re an authorized user for 6 months on an account, can you apply for the same credit card while still being an authorized user ?
Hey Frederick, I am pretty sure you can! Some banks have limitations on if you have opened too many cards in the last 2 years, but AU cards generally do not matter.
@@JakeBroe Thanks! I’m an AU on a CSP card but want to apply for my own CSP card in the near future, so I guess I’m ok?
lolz.. i just started my Roth IRA 7 weeks ago at age 47... is it better late than never?
My children are 1yr 2yr old. Should I open custodial ira now?
What’s the best way to grow my 4 year olds piggybank money ? We have about $250 cash, is he too young to have “earned income” ?
Just have to hope you don't have a Bad Seed 🙈
Can you start once they born?
If they somehow generate income, sure.
@@JakeBroe I’ll be putting the money with mother by capping the 6k threshold
If you take pictures of your newborn and sell those pictures, can you claim that as the child income and add that and match it to an IRA for them?
The child has to receive a W-2 somehow showing it was earned income in their name under their social security number. If that is the case, then yes.
Is a Custodial Roth IRA included in the "pro-rata" rule when performing a backdoor Roth IRA conversion?! I'm researching but haven't found a clear-cut Yes/No answer. I'm going to assume "No" because it's technically under the minor's name, but in your wheelhouse until 18/21 years old. But what have you learned?
Can you open a roth ira ,max it, and just let it sit until your child is an adult? My kid is 16 I want to open one up for her can i just open it and just let it sit and let it sit accrue interest?
If the Roth IRA is in your child's name, then the child must have at least $6,000 in earned income from a job reported on a tax return for you to be eligible to max it out for them. But yes, it can then just sit there and grow.
@@JakeBroe so the child has to be working ? Ok got it ....
But once the child is working, I can help to max ? Right ?
Also what are other things I can do for my child while she is young? I dont know much about investing and what to invest and what not to invest in, what can I do for her so she is a millionaire when she gets 50 ?
She is going to college to be a future dentist fyi, and yes we are going the cheapest route possible for undergrad lol
Whats the earliest age i can get a Roth IRA for a child i have 3 all below 10 yrs old..
Hey Cynthia! You can get one for them at any age, but they must have earned income and file tax returns to be eligible to contribute to the accounts.
They don't have to file tax returns, right?
@@zwijac they do. save for college instead. and max out your own retirement!!
Jake I watch your Ukraine videos but if my child is 1 can I start a custodial Roth for them?
00 poPop
What if my child is 40 years old... What kind of custodial Roth IRA, can I open at my age of 66???
Custodial accounts are only for under 18. If they are 44, you can sit down with them and help them open their own Roth IRA and then help them with contributions if you want. But they have to legally own and control the account.
Can I get a rental property for my child in a roth ira?
I don't think I know how to answer that. Sorry!
@@JakeBroe I thought you invest with a roth ira in real estate but instead of you doing it it's for your child
Will that money in his Roth affect the child's ability to get grants or financial aid when they go to college?
I second this question!!
I believe it will😟 but not sure
No, Peter. Money in retirement accounts for either the parents or the student are not reported on the FAFSA or other financial aid documents.
Roth IRAs no. A 529 education plan WILL!
save for their college!!! don't hope for grants while funding their retirement!!! OMG!
I started both my daughters a custodian Roth IRA one at like 10 years old my youngest at 3 years old.. my 3 year old starting at 100 bucks a month she does dishes cleans up dog 🐕 poop and walks the dog, I use Edward Jones
No and no. They need to earn their own money as adults.
I definitely was never handed anything by my parents. Adversity builds character for sure!
amen