roth ira opened in error
I opened a roth for my son based on his doing chores around the house.for 2 years we filed a 1040 and
attached a w-2. Now I hear that doing that may not have been proper.
The last time we did this was in 2011 and there has been no activity with the account since then.
What should we do with the account?
Permalink Submitted by Alan - IRA critic on Mon, 2016-02-22 15:13
Under the circumstances, keep your records of your son’s hours and rate of payment. Do nothing with the Roth account. The IRS has never taken a public position on this, despite knowing for years that parents have been making these contributions.