Re: Roth IRA for minor

From: Jeff Salisbury <Jeff.Salisbury@WallStreet-LLC.com>
Subject: Re: Roth IRA for minor
Date: Fri, 23 Mar 2001 07:41:28 -0700

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Top of Thread: Roth IRA for minor Danny Shaw
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Danny,

Your son needs to formally be put on the payroll, pay all the associated
payroll taxes, and file an tax return.  You don't need any other
government permission or documents.  If he earns $2k or more in the
year, he can save up to $2K into his Roth IRA...

Jeff

Danny Shaw wrote:
> 
> My wife has a S-corporate and currently she is the only employee of that company.  Now, we are thinking to let the one-man-company hire my 15-year-old son (10 - 15 hours per week) so that we can setup a Roth IRA for him.  My questions is: what kind of document do we need for tax reason.  For example:
> 
> 1. Does my son need any permission (from the Government) to be hired?
> 2. Does my wife have to prepare any document?
> 3. Need my wife to issue a W-2 Form to my son at the end of year?
> 4. Do my wife and/or my son need to pay social security tax?
> 5. Does my son have to file tax return individually at the end of the year?
> 6. Any other things should we know?
> 
> Any help would be greatly appreciated.  Thanks in advance!
> 
> Danny
> 
> -

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