Thread: Money Investing megathread extravaganza
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Old 05-22-2020, 12:59 PM   #4940
lewdog lewdog is offline
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Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
Originally Posted by Buehler445 View Post
Retirement would be great. Lew probably knows more than I do about the restrictions on Roth but I’m guessing you do have to have earned income to start one.

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.
She just needs taxable income For the year up to amount depositing for it to be legal.

https://www.nerdwallet.com/blog/inve...ds-a-roth-ira/
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