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05-21-2020, 09:28 PM | #4936 |
MVP
Join Date: Jan 2012
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So i just got a $2900 check from the stimulus bill I guess. I dont need it personally but I have a 16 year old daughter and thought I would put this in as a starter sum for investments for her. Is she too young for a ROTH IRA? What kind of account would some of you do for your kid? We already have an established college fund for her.....I figured I wanted to start her on a retirement or long term investment fund.
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05-21-2020, 09:36 PM | #4937 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
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05-22-2020, 08:34 AM | #4938 |
I'll be back.
Join Date: Nov 2002
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Last chance to get in on VTIQ at sub 26 level.
Train is leaving station. |
Posts: 279,954
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05-22-2020, 12:48 PM | #4939 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
If she doesn’t then a traditional IRA would be fine. You can always roll that to a Roth later, it’s just the value of the traditional IRA will be taxable on the distribution. Unless they change the rules in the next 50 years before she takes it out. That’s a hell of a thing you’re doing for your daughter. |
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05-22-2020, 12:59 PM | #4940 | |
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Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
https://www.nerdwallet.com/blog/inve...ds-a-roth-ira/ |
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Posts: 45,762
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05-22-2020, 01:44 PM | #4941 |
MVP
Join Date: Jan 2012
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Thanks for the input. She doesnt work for taxable income yet just mostly dog and kid care for neighbors but she will actively look for work when this virus stuff settles down.
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Posts: 5,641
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05-22-2020, 03:16 PM | #4942 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Well she can sure report the stuff she’s doing and if push comes to shove you can give her part of it for non-employee comp, send her a 1099, and then have her deposit it in there. I can’t ever remember the kids stuff but at 2900, I don’t think any of it will be over the standard deduction
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05-22-2020, 04:57 PM | #4943 |
I'll be back.
Join Date: Nov 2002
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Posts: 279,954
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05-23-2020, 06:18 PM | #4944 |
I'll be back.
Join Date: Nov 2002
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I'm telling you guys. Stay woke.
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05-23-2020, 06:47 PM | #4945 |
Fish are scared of me
Join Date: Nov 2001
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LOL
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Posts: 40,495
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05-23-2020, 06:50 PM | #4946 |
"You like to drink?"
Join Date: Jun 2006
Location: "I like to drink."
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That's such a brazen pump you almost have to respect it.
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05-23-2020, 06:57 PM | #4947 | |
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Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
Everyone just claims the stocks they’re following are on fire! |
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05-23-2020, 07:03 PM | #4948 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Quote:
I mean, unless you know how percentages works. Then you can argue with it. |
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05-25-2020, 07:32 AM | #4949 |
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Join Date: Sep 2011
Location: Valley of the hot as ****
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The limit on 401k contribution doesn’t include employer match, correct?
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Posts: 45,762
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05-25-2020, 08:37 AM | #4950 | |
Supporter
Join Date: Feb 2005
Location: Olathe, Ks
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Quote:
You can only contribute a certain amount to your 401(k) each year. For 2019, that limits stands at $19,000. In 2020, the limit is expected to rise to $19,500. |
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