The ROTH IRA (USA) requires earned income to be allowed to deposit (add) money. There is no rule that the money earned is the money deposed. If your kid has a job, and you have extra money, look into opening a ROTH with them. Kid spends their money (or not), and deposits your money in their account. Bingo setting kid up for old age.
The ROTH IRA (USA) requires earned income to be allowed to deposit (add) money. There is no rule that the money earned is the money deposed. If your kid has a job, and you have extra money, look into opening a ROTH with them. Kid spends their money (or not), and deposits your money in their account. Bingo setting kid up for old age.
I am not a tax accountant.
There is also SEP IRA
What is SEP IRA?
It’s a typical IRA but catered to self employed individuals
Also income limits on a Roth IRA are easy to circumvent with the back door workaround.