Roth IRA Contribution for a Minor
My 17 year old son has w-2 income of $900 for 2020. If I want to fund a Roth contribution for him for 2020, I know I can contribute a maximum of $900, but do I need to file a tax return for him, a form 8606, or both? Thanks
Permalink Submitted by Alan - IRA critic on Sat, 2021-01-30 03:41
If the 900 is his only income, he does not need to file a return, with or without the Roth contribution.
Permalink Submitted by tomd37 on Sat, 2021-01-30 17:43
As Alan said, he does not need to file a return, but if he had any taxes withheld he might consider filing just to get the tax refunded. If he does file be sure he answers the question about “Can he be claimed as a dependent on someone else’s return” correctly. The answer would be yes and that would allow you to claim him as a dependent on your return assuming he otherwise qualifies to be claimed. Tom D.
Permalink Submitted by John Boyle on Sat, 2021-01-30 18:06
Thanks. Great information.