Child Roth IRA

IRA for Minors

IRA for Minors

Tax Updates and Highlights for a Child Roth IRA

Last updated: Dec 2011

This section is used to notify owners of the Kid's Roth IRA Handbook of any known changes since the first printing or topics that may be included in the next printing.

The next printing will include:

1. The Roth IRA calculator included in this book has had trouble lately in an internet explorer browser. We suggest trying to open it in a firefox browser. If you still have trouble, even though the calculator provided was a favorite, please be reminded that a google search will often provide similar free Roth calculators.
2. How long do I have to keep my tax forms? While most accountants advise that one can throw away tax records after a certain number of years, we do not recommend throwing away your tax records that document earned income for a Child Roth IRA. Kids, this is not that difficult. Get a box, write TAXES on it and every year, take a big envelope (or two or three if needed) and mark it TAXES. Keep these files until you have cashed in your Roth IRA.
3. Form 5498: This is a summary form you receive which shows your contributions in your Roth IRA account. We recommend keeping these forms with your Roth IRA account statements until retirement age.
4. FAFSA Application (Free Application for Federal Student Aid) Did you know a Roth IRA is not considered an asset when filing the FAFSA application?
5. BSO Passwords: Parents creating Form W-2s using Business Services Online are reminded to change their passwords at least once a year so they do not have to re-register.

1. To the best of our knowledge, the IRS does not contact you by email. Don't fall prey to email scams to obtain your personal information
2. Another economic lesson - money does matter:
   Teach kids about the "Flash Pass." Used at numerous theme parks, this more expensive pass allows the "haves" to jump the line while the "have nots" stand waiting.
   Another good example easy for kids to comprehend: Airlines now board the new "elite pass holders" first.
   It's a fact, money does make you more important...
3. The Deficit Reduction Act of 2005 P.L. 109-171 made non-tax changes that add to the attractiveness of 529 plans. Funds in a 529 plan are no longer considered to be the assets of the student for financial aid purposes.
4. With the economy changes occurring in the Fall of 2008, allowances are being cut and more and more children are looking for employment. On December 15, 2008, Lisa W. Foderaro covered the issue in her New York Times article concerning Teenagers Feel the Crunch which shows how kids across the nation are having to adjust to new economical situations.

Learn more about a Child Roth IRa

• Best Books: Learn about Starting an IRA
• Opening an IRA for a child: When should parents begin thinking about an IRA for Child?
• Teacher and community leader involvement: Everyone can play a role in a Roth IRA for Kids
• Create earned income: Stay straight with the IRS by following the tips in The Kids Roth IRA Handbook
• Table of Contents: See all there is to learn about a IRA Eligibility
• Updates Check back to find Child Roth IRA Updates
• Author's Blog Excerpt You can learn more about a Kid Roth IRA, today's economy, and family finances
• Book Reviews Learn what others say about a Kids IRA

<a title="child roth ira" href="http://www.tracytrends.com/books/child-roth-ira-updates.html">Child Roth IRA -</a> Rules for Roth IRA's for Minors!