Parents can open a custodial Roth IRA for a child without a W-2. Directed IRA's platform uses an earned-income checkbox to verify eligibility, skipping the need for W-2s, 1099s, or tax returns that traditional brokers require.
Can I open up a custodial Roth IRA for my kids if I don't have a W-2? How do I do that? The CEO of Directed IRA, who's on this show with me, trust you, Amanda, he does not need to see a W-2. He's created a little box that says, if this is a minor, do they have earned income, yes or no? And Matt trusts you that you're going to check the box, they have earned income.
We call it the Kids Roth IRA. And what you'll see with some broker-dealers is they're going to say, oh, this is someone under age 18. In order for them contribute, we must see a W-2, a 1099, a tax return from the kid to show that they had earned income.
No, we ain't—
we're not doing that.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
