- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
IRA for a young teen
Posted on 6/5/24 at 12:10 pm
Posted on 6/5/24 at 12:10 pm
My kid invests some of her money in stocks that yield dividends. Does that count as "earned income" for her that would be eligible to deposit in an IRA?
3
Posted on 6/5/24 at 1:35 pm to FieldEngineer
no
Posted on 6/5/24 at 7:54 pm to Thib-a-doe Tiger
quote:
no
One downvote, one upvote…. No clue if you’re right or wrong.
Posted on 6/5/24 at 8:02 pm to FieldEngineer
quote:
To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. For tax years beginning after 2019, there is no age limit to contribute to a traditional IRA. Compensation for purposes of contributing to an IRA doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.
LINK
Posted on 6/5/24 at 9:07 pm to FieldEngineer
Dividend and interest income are examples of unearned income. Work related income is earned income
Posted on 6/5/24 at 9:35 pm to Joshjrn
Thanks!
Posted on 6/6/24 at 9:13 am to FieldEngineer
quote:
One downvote, one upvote…. No clue if you’re right or wrong
The downvote doesn't know tax code
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News