Have a child or grandchild working this summer?

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Have a child or grandchild working this summer?

June 10, 2021
By Leigh Bivings, Ph.D., CFP®, CDFA™

Did you know that you can contribute up to $6,000 for 2021, but not more than the child’s 2021 earnings, to a Roth IRA for him or her? It’s a great way to start a savings account for them and all earnings grow tax-free. The pay-in counts toward your $15,000-per-donee gift tax exclusion. Any distributions after age 59.5 are nontaxable and contributions can be pulled out free of tax at any time. And $10,000 of earning can be taken out taxfree to buy a first house. Please get in touch for more information.

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Leigh Bivings, Ph.D., CFP®, CDFA™

Leigh is CEO and Founder of Artemis Financial Advisors LLC. Leigh has a Ph.D. in applied economics from Stanford University and is a Certified Financial Planner (CFP®) and Certified Divorce Financial Analyst (CDFA®). She enjoys working with clients and strives to give them peace of mind and robust frameworks so that they can make more informed choices about spending and saving and make these choices with enhanced confidence.